No, TurboTax will not use the amounts entered for Box 13 Code ZZ or for Box 20 Code AE.
If you understand the instructions provided in the Supplemental Information that came with Schedule K-1 for Box 13 Code ZZ, you can manually enter the information in another area of your tax return. In most cases, you can omit Code ZZ (and amounts) entirely. TurboTax will not use entries you do make for Code ZZ in the Schedule K-1 interview.
Use Form 8990 and Box 20 Code AE to calculate the amount of business interest expense you can deduct and the amount to carry forward to the next year. Form 8990 is not supported by TurboTax for Form 1040 tax returns. If you want to track your excess business interest, you will need to manually prepare that form and include it with the return that you print and mail. Click here for IRS form and instructions for Form 8990.
If you don't recognize or understand the code sections and other supplemental information for these box codes, you may need to consult a tax professional for assistance. It's possible these amounts may not affect your taxable income this year or may simply add/subtract from your partnership basis.
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