Line 20 of schedule k-1. Code T has no $ amount to enter. has only letters "STMT"

[MiriamF · Accepted solution]

When you see STMT on a Schedule K-1, it means that you need to find another page among all the stuff they sent you that lists the detail for that particular line item. Usually, they list all the code breakdown info together in a table, with the code, the description, and the amount.

[prestonjezek]

Thanks I was able to locate these but when Turbo tax asks for me to fill out Box 14 B and the three i's it asks me to enter the amount. The amount on one for example says 538 income but has 159 exspense total 379. Is that what I put in the amount in turbo tax?

[julie56]

I have the same issue.  I found instructions for how to resolve line 20 code z but I also have line 20 code AG which does not seem to be the same since it is gross receipts for 3 different years.  There are code AG 8990 gross receipts for year 2109 $xxx; cod AG  8990 gross receipts for year 2018  $xxx and code AG 8990 Gross receipts for year 2019 $xxx.  It is the ENTRY into turbo tax that needs to be explained.

Julie 

[rvinson307]

I need to know this information too as I have three amounts listed under the AG code .

[DaveF1006]

You need to make three separate entries in line 20.  Select code AG and enter one combined amount for all three entries. Since these are reported in 2020, it matters not what years these are accrued from.

[julie56]

This is answer is unclear what you are suggesting.   Are you saying use the pull down 3 times and each time use code AG and fill in the three different  one for each instance?  or are you saying to do one pull down for code AG and on paper or in supporting details list the three amounts so that only the sum of the three appears?  This seems a little weird to total data for three different years.   Does this enter into any calculations anywhere on any forms?  

[Irene2805]

The amounts listed apply to the partnership itself for accounting purposes and have not affect on your personal return.  They are included for information.  

Enter the amounts on separate lines, each with a code of AG.  This will be just for reference purposes.

Sec. 448(c) (commonly known as the small taxpayer gross receipts test) basically allows the partnership to use the cash basis of accounting when they would normally be required to use the accrual basis.  Presumably the amounts are included on your K-1 to allow the partnership to take advantage of the exception:  "...if the average annual gross receipts of such entity for the 3-taxable-year period ending with the taxable year which precedes such taxable year does not exceed $25,000,000." [26 U.S. Code § 448 - Limitation on use of cash method of accounting]

@julie56