Schedule K1 entries

merlinpi — Fri, 08 May 2020 02:42:30 GMT

I am a 2.4% partner in a JV that generated a schedule K1, the issue I am encountering is filling the box 20 code Z (the document I received refers to statement that contains multiple lines AND columns which I cannot enter as shown on the statement) and box 20 code AH (multiple lines with long descriptors that I was more or less able to fill in the table that appears when I click on the amount box, BUT there are informations related to an out of state business site that discuss how the LLC filed a composite return and that we are not required to file an out of state return and that we may be entitled to a tax credit). I know this appears confusing, but the truth is that it is more confusing to me.... any help would be appreciated.

Re: Schedule K1 entries

Anonymous — Fri, 08 May 2020 06:13:36 GMT

on line 20 of k-1 there is a links for code 20 z. you need to use it and yes its gets very confussing the way TT laid out the its tax form. use section d1 of k-1

a composite return is when the entity files a tax return in states it conducted operations but the partners aren't residents pays the partner's share of state income taxes.

you enter your share of taxes paid and other info on your state return as taxes paid to other state. how and where you enter it on state return depends on the state

many times if line 20 contains lines that you can't enter it's becuase they are not meant for individual returns but without knowing all the details i can't be sure

topic Schedule K1 entries in Get your taxes done using TurboTax

Schedule K1 entries

Re: Schedule K1 entries