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dontfawiththefa
Returning Member

Solar Tax Credit from my K1, Classifying Box 13

Hello,

I have received my K1 and I am in the process of doing my personal taxes. In Box 13 of the K1, it shows code P and an amount of $27,000, which corresponds to a solar panel system used by our business. However, when I select code P for other credits on Turbotax and move to the next page, none of the allocation types seem to match what the code is for the solar panel installation. I have attached some images for your reference, and I would appreciate your advice on where to allocate the $27,000 from Box 13. 

 

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1 Reply
PatriciaV
Expert Alumni

Solar Tax Credit from my K1, Classifying Box 13

The amount on 1120S Schedule K-1 Line 13 Code P could be for the Renewable electricity production credit (Form 8835). However, you may wish to contact the company that sent you the K-1 for specific advice on where to report this on your tax return.

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