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Level 1
posted Mar 5, 2020 5:41:57 PM

K1 1065 line 20 Z statement

I have a K1 that shows in box 20 code Z statement.  When i go to the statement it has

Trade or Business - ordinary income (loss)      -294

Depletion production income

ordinary income (loss)                                         388

Other Deductions                                                   85

  Oil and gas depletion deduction                       85

Unadjusted basis of assets                                   704

 

What number do i use for the ordinary income? and where does the Oil and gas depletion go?

0 3 1115
3 Replies
Level 15
Mar 5, 2020 6:28:39 PM

Please see the screenshot below (simply input the figures that correspond with your statement).

 

Level 1
Mar 5, 2020 7:07:59 PM

Do I net out the ordinary income gain and loss?

Expert Alumni
Mar 9, 2020 3:43:06 PM

Is the $388 depletion production income?  If so, it should be reported under box 20 code T, separately from the $294.