Hello,
I received a K-1 Form 1065 from Enterprise Partners Products (EPD).
Line 20 has 3 codes each with a respective dollar amount - A,N, V.
The last (4th) code for line 20 is an asterisk (*) with the word STMT.
When I refer to the attached statement, the following codes are not available in TT for me to enter.
They also are associated with dollar amounts.
Note TT only has code "ZZ", and not ZZ1 - ZZ3, ZZ5, ZZ8,or ZZ9.
How do I enter them?
ZZ1 - Bonus Depreciation Adjustment for most Non-Conforming States
ZZ2 - Gross Receipts for Unrelated Business Taxable Income Purposes
ZZ3 - Gross Deductions for Unrelated Business Taxable Income Purposes
ZZ5 - Gross Income
ZZ8 - Partner Basis Items and Remedial Items for Section 163(j)
ZZ9 - Partnership Interest Disposition Gain(Loss) Adjustment for Section 163(j)
Thanks...
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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.
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.
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