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Level 1
posted Jun 15, 2021 8:57:05 AM

On my Schedule K-1, box 20, I have code AG with value STMT. On STMT, there are 2 entries for AG: gross receipts for 2019, & gross receipts for 2018. How do I enter this?

Do I add the values for the 2 years together, or do I make 2 entires with code AG?

0 1 3995
1 Best answer
Level 15
Jun 15, 2021 9:41:34 AM

ignore them because they go nowhere and TurboTax can't use them. that's what the asterisk means

 

this is for purposes of 448 (c) (who can't use the cash basis of accounting)  which only applies to partnerships and corporations. some tax programs will ignore the fact that you are an individual and just prorate the total amount among the partners. 

 

 

1 Replies
Level 15
Jun 15, 2021 9:41:34 AM

ignore them because they go nowhere and TurboTax can't use them. that's what the asterisk means

 

this is for purposes of 448 (c) (who can't use the cash basis of accounting)  which only applies to partnerships and corporations. some tax programs will ignore the fact that you are an individual and just prorate the total amount among the partners.