☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Feb 29, 2024 8:05:13 AM

K1 Partner Returns are not Editable in 2023

I'm trying to at Code T (oil & gas depletion) on Box 20 of my partners' K1 returns, but they are read-only and I cannot edit it.  I'm in forms view (see below) but cannot do anything to edit, is there a new way to do this in 2023?  My 2022 version is editable, but cant seem to change anything in 2023.

 

Just want to add Code T to Box 20 and simply no way to do it.  Would really appreciate any insight or help (this is for a partnership LLC using 1065)

 

 

0 1 311
1 Best answer
Expert Alumni
Mar 6, 2024 8:31:07 AM

Enter this on Form 1065 p5-6, Schedule K Line 20. Under the codes listed for Line 20, use the drop-down menu in the small box on the left to select Code T for Depletion. Then enter the amount to the right. This entry will be allocated to Schedule K-1 for partners according to their ownership percentages.

1 Replies
Expert Alumni
Mar 6, 2024 8:31:07 AM

Enter this on Form 1065 p5-6, Schedule K Line 20. Under the codes listed for Line 20, use the drop-down menu in the small box on the left to select Code T for Depletion. Then enter the amount to the right. This entry will be allocated to Schedule K-1 for partners according to their ownership percentages.