ThomasM125
Expert Alumni

Get your taxes done using TurboTax

Sorry for the misunderstanding, I thought you were working on your personal tax return, entering your K-1 schedule. 

 

I don't have a copy of the 2021 business program yet, so I can only look on the one from last year. In 2020, there was a code E that was used to report gross receipts used to determine if you could use the cash basis of accounting. The form for 2021 has been modified to only include letters from "a" to "c" however, so that is probably why you don't see the code E.

 

The items on schedule K are simply divided up among the partners and then entered on the schedule K-1's. So, if you account for the entries on schedule K by matching them to the K-1's you may be able to identify what the code E entry on the K-1 schedule represents.

 

Also, I suspect that form 1065 has not been finalized yet, so if you do your updates, you may find the issue will resolve itself once the return is complete and ready to be filed.

 

 

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