K-1 FORM

[APR11]

The K-1 form box 20 includes the STMT, that sends to a supplemental schedule. This schedule lists several 20ZZ lines (20ZZ1, 20ZZ2 ... up to 20ZZ9). TT however only offers a ZZ selection in the pulldown menu. How should I capture each of these details?

Thank you much

[PatriciaV]

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.