topic Re: K-1 Code P in Business & farm

K-1 Code P

help453 — Thu, 04 Feb 2021 14:52:01 GMT

Where do I find the screen to enter Code Section P for Schedule K-1 and when do I need to disclose this information?

Re: K-1 Code P

Anonymous_ — Thu, 04 Feb 2021 15:56:26 GMT

Code P for which type of K-1 and which Line?

Re: K-1 Code P

help453 — Sat, 06 Feb 2021 01:24:51 GMT

Form 1065. Schedule K-1's are showing Line 20 Other Information as Code P Section 453A(c). Where do you input this code. Not sure this is correct.

Re: K-1 Code P

Mike9241 — Sat, 06 Feb 2021 02:17:23 GMT

Turbo tax does not handle this code directly. box 20 is for informational purposes. some have to be entered elsewhere others can be ignored. this can not 453A(c) is interest (really an added tax) on deferred tax from installment sale over $150,000. the amount goes on schedule 2 line 8 and is label as 453A(c).

in step-by-step mode, it is under other tax situations

then misc tax forms

then additional tax and repayments

then (2nd screen) other taxes

where you should see a box for this

not sure which version of turbo tax you're using so these directions may not be correct.