Entry for K-1 Box 17, Code I

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My K-1 Form lists STMT in Box 17, Code I. Moving further into the statement, there is the following additional detail: However, not sure what to enter in Turbo Tax for Code I.

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PatriciaVAnswer

Alumni - Intuit

Yes, enter the information for Form 1120S Schedule K-1 Box 17 Code I as it appears, including the amount of interest due. On the next screen, TurboTax will provide generic instructions on how to enter Code I, which is essentially following whatever guidance is provided with your K-1.

To report the results from Form 8697 on Schedule 2 (Form 1040) Line 17(n):

In TurboTax, search for "Other Taxes."
Enter the look back interest from Form 8697.
This amount will be transferred to Schedule 2 Line 17(n) and included on Form 1040 Line 23 "Other Taxes."

@jmdetwiler

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Mike9241

Level 15

Turbotax does not do form 8697. You have to complete it manually. read the instructions, especially the filing instructions on page 2

Mike9241

jmdetwilerAuthor

Level 2

Thanks for the reply @Mike9241 .

I understand I need to do form 8697, report the interest on my 1040, and then include with my return.

Two followups:

* What do I put in TurboTax for Box 17... Just leave it blank?

* The instructions detail reporting the interest on the underpayment, but what about the actual under payment. Is that built into the profit already reported on the K1?

PatriciaVAnswer

Alumni - Intuit

To report the results from Form 8697 on Schedule 2 (Form 1040) Line 17(n):

In TurboTax, search for "Other Taxes."
Enter the look back interest from Form 8697.
This amount will be transferred to Schedule 2 Line 17(n) and included on Form 1040 Line 23 "Other Taxes."

@jmdetwiler

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"