Received K-1 lists 20ZZ1 as Current Federal Bonus Amount. 20ZZ3 as Partner Basis Items & Remedial Items for Section 163(j). 20ZZ4 as Partnership Interest Disposition Gain/(Loss) Adjustment for Section 163(j).
Should I enter them as; ZZ then amount. (To represent actual ZZ1). Should I enter ANOTHER dropdown ZZ to represent actual ZZ3? Should I enter ANOTHER dropdown ZZ to represent ZZ4?
-OR-
Should I NOT enter any dropdown ZZ's and enter the specific info as: ZZ1 Current etc.....ZZ3 Partner etc...?
Thank You.
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Because information from Box 20 Code ZZ is left for the taxpayer to manually enter on appropriate tax forms (as needed), how you enter these codes/amounts will have no effect on your tax return. In most cases, you can omit Code ZZ (and amounts) entirely. TurboTax will not use entries you do make for Code ZZ.
If you don't recognize or understand the code sections and other supplemental information for Code ZZ, you may need to consult a tax professional for assistance. It's possible these amounts may not affect your taxable income this year or may simply add/subtract from your partnership basis.
You may also consider upgrading to TurboTax Live. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.
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