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cookers33
Level 2

Can I enter Box 20 code N of my K-1 anywhere else in TurboTax, such as Deductions & Credits - Investment Interest Expense or Investment Expenses ?

The accompanying statement description reads "Interest Expense for Corporate Partners - Passthrough."  After inputting the info from the K-1 into TT, there was a note that read "Your Code N entry on box 20 for $___ is shown as an information item on your Schedule K-1.  It does not impact your individual return." This value is rather significant, it could positively affect my refund.
3 Replies
JShaw1
Level 2

Can I enter Box 20 code N of my K-1 anywhere else in TurboTax, such as Deductions & Credits - Investment Interest Expense or Investment Expenses ?

It is only applicable to corporations, so it's informational for you. You can't add it to your individual return.

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Jim H2
New Member

Can I enter Box 20 code N of my K-1 anywhere else in TurboTax, such as Deductions & Credits - Investment Interest Expense or Investment Expenses ?

If Box 20, Code N is only applicable to corporations, should I leave Box 20, Code N blank when filling out Easy Step?

 

DaveF1006
Employee Tax Expert

Can I enter Box 20 code N of my K-1 anywhere else in TurboTax, such as Deductions & Credits - Investment Interest Expense or Investment Expenses ?

You can leave it off because it doesn't impact your return I would leave it in though since it is reported in your return.  either way, it shouldn't impact your return.

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