ToddL99
Expert Alumni

Business & farm

All Box 20, Code T entries apply to depletion of oil & gas properties.

 

You are correct that they are unlikely to have any effect on your taxes (at the partner-level), but they must be reportedl at the partnership level.

 

Also, you can have as many Box 20, Code T entries as you want - just keep adding them and the interview screen will expand to allow the entries. You can't add descriptive info, as shown on your K-1, but you can list all of them.

 

See the attach screenshots as an example (albeit without numbers):

 

 

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