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Level 2
posted Jun 4, 2019 10:14:45 PM

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.

0 3 10560
3 Replies
Level 2
Jun 4, 2019 10:14:46 PM

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

New Member
Mar 16, 2020 11:05:18 AM

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

 

Expert Alumni
Mar 16, 2020 2:12:53 PM

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.