Energy Transfer Partner K-1 questions

[LHoch]

I have a lot of ZZ codes in Box 20 that will have no impact on my return as I live in a state that does not have a state income tax and this is not in a IRA/Roth or Tax Exempt ownership.  These are Box 20 ZZ1, ZZ2, ZZ3, ZZ4 ($0 on all 3), ZZ5, ZZ6 and ZZ7.  Since they will have no impact on my return I assume that these do not need to be entered but want to confirm.  

Also I have a Box 20 ZZ8 that is "Partner Basis Items and Remedial Items for Section 163(j).  Will this have any effect on my taxes, does it need to be entered and if so where?  

I appreciate any help I can get on this!

Thanks

Larry

[DaveF1006]

This will have no impact on your return. Box 20 ZZ8 reports an amount of business interest expense you may be able to take but since this is reported in a k-1, the only place you may enter it is on a Schedule A.  This type of business interest is no longer deductible on a federal return but may be deductible on  state return.

If you wish to claim it, you need to fill out form 8990 that Turbo Tax doesn't support to figure out how much can be claimed after a Section 163(j) limitation is applied. The return would need to be paper filed both to the federal government and the state. If the amount is really small, you may wish to disregard this as it won't have an impact on your return.

@lghochstattertaxes