My K-1 description says "Sec 59(E)(2) expenditures from passthrough entities". I didn't receive any other attachments explaining those passthrough entities. TurboTax won't let me move forward unless I select one of the following: circulation expenditures, intangible drilling costs, research and experimental expenditures, mining exploration expenditures, or mining development expenditures.
On an attached statement, the partnership should have told you the type and the amount of qualified expenditures for the section 59(e) election. I suggest contacting whoever issued you the K-1. Otherwise, make an educated guess based on what activities the partnership engages in or the name of the partnership.
I can not find where to include my intangible drilling costs on my turnbo tax llc
i am filling out my 1065 and there is no place to include intangible drilling costs to get the deduction so it can be passed along to K-1 holders.
i was only issued a letter saying that my intangibles were 47500
If you are preparing a business return in Turbo Tax, do the following to enter your intangible drilling expenses.