Filing 2022 tax return (late with extension) using TurboTax Premier.
I got a K-1 from a publicly trading company whose stocks I owned (which I am going to sell after going through this hassle). The form has entries in other boxes, but boxes 15, 17 and 20 as follows:
From looking up online, STMT means statement. Boxes 17 and 20 refer to it, while box 15 just has a P* entry but does not refer to STMT.
Sure enough I do have a table "2022 Federal Schedule K-1 Supplemental Information" on the next page. I believe that's my "statement".
In there there are many rows with three values each. A code, description, and amount. The codes are like 15P, 17C, 17D, 17E, 20T1, 20T2, ..., 20T5, 20V, 20Z, 20AB, 20AE, 20AG, 20AH1, 20AH2, ..., 20AH12.
TurboTax lets me choose the codes but only the letters. I am simply selecting those codes and entering the amount.
My questions are:
- Do I need to enter all the codes in the supplemental statement into both boxes 17 and 20 screens in TurboTax (enter twice, once for box 17 and then for box 20 screen) because in both it says "* STMT"? What about Box 15? It doesn't say STMT, but it has P* and in K-1 at bottom it says "* See attached statement for additional infomration".
- For 20T1, 20T2, ..., 20T5, do I enter multiple lines one for each of those codes selecting T in the drop-down for each line?
ignore any box/line with zero
where you have say 20T1, T2
just enter multiple lines as 20T
most of those require supplemental input that Turbotax will take you to later
here are what i think are the lines with letters that need extra entries later\
15 E,F,G,M,P AND FOR PTP
16 YOU NEED THE K-3
SOME LINES ON 20 ARE NOT APPLICABLE TO INDIVIDUALS LIKE UBIT (20V)
CERTAIN OTHER LINES ON 20 TURBOTAX DOES NOT HANDLE DIRRECTLY AND, IF APPLICABLE TO YOU, NEED MANUAL ENTRIES ON THE APPROPRIATE FORM. THAT IS IF TURBOTAX HAS THAT FORM
YEAP PTPs ARE A PAIN TO REPORT. HOPEFULLY YOU DID NOT INVEST IN A MASTER PTP (ONE THAT INVESTS IN OTHER PTPs). IN THAT CASE EACH PTP NEEDS TO BE ENTERED ON ITS OWN K-1. HAD A CLIENT YEARS AGO THAT DID THIS. OVER 50 K-1S WERE NEEDED. THE CLIENT GOT A $$$$$$$$ BILL TO MATCH THE WORK NEEDED.
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