Where do I find the screen to enter Code Section P for Schedule K-1 and when do I need to disclose this information?
You'll need to sign in or create an account to connect with an expert.
Code P for which type of K-1 and which Line?
Form 1065. Schedule K-1's are showing Line 20 Other Information as Code P Section 453A(c). Where do you input this code. Not sure this is correct.
Turbo tax does not handle this code directly. box 20 is for informational purposes. some have to be entered elsewhere others can be ignored. this can not 453A(c) is interest (really an added tax) on deferred tax from installment sale over $150,000. the amount goes on schedule 2 line 8 and is label as 453A(c).
in step-by-step mode, it is under other tax situations
then misc tax forms
then additional tax and repayments
then (2nd screen) other taxes
where you should see a box for this
not sure which version of turbo tax you're using so these directions may not be correct.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
xgab38876
New Member
bellmonica03
New Member
trishamailbox
New Member
elli42952
New Member
randyb62
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.