Many of the supplemental line 20 codes are for specific tax situations, and the codes used by different partnerships are not uniform. The K-1 fine print will usually have more details about what's being reported if the description isn't self-explanatory. You then need to dive in and figure out if the numbers are applicable to you.
For example, 'Current Year Federal Bonus Amount' probably refers to Bonus Depreciation that's included in the Box 1 'Business Income'. If you live in a 'non-conforming' state (you can google to establish whether your state is or isn't), then the K-1 will need to be adjusted by that amount in your state taxes. TT is probably not going to do this automatically for you.
As to how TT handles all this, if you look at the K-1 Worksheet form itself, some codes will have * footnotes telling you that TT isn't doing anything with the information and you have to handle it yourself. This applies not only to line 20, but other areas of the K-1 itself (e.g., 13K). Also, in general, if you're typing in a description yourself, TT isn't doing anything with the info.
**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
