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Get your taxes done using TurboTax
Yes, as Mike9241 previously posted, Sections J, K, and L are provided for your information and are not used by the software. However, you may need this information to track your "outside" basis, which may be different from the basis reported by the investment on Schedule K-1.
Assuming you are entering Schedule K-1 (Form 1065) Box 20, the information from Code ZZ is left for the taxpayer to manually enter on appropriate tax forms (as needed), how you enter these codes/amounts will have no effect on 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.
Additional Information:
- IRS Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership
- IRS Pub 541 Partners Adjusted Basis
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Wednesday