Schedule K-1 Box 17 code N: Deferred Obligation
When filling out my K-1, Box 17 Code N, Turbo Tax displays the following screen:
Follow these instructions to enter $$$$ shown as Code N Box 17 of the XXXX Schedule K-1
1. Read the instructions on K-1
2. Select Tax Tools in the toolbar. Next, select Tools, then Topic Search. Enter the specific topic included in your K-1 instructions in the search field
3. Select other taxes and enter $$$$ in the other tax field. Then select "Continue"
4. In the next screen, titled Describe the Other Tax, enter 453A(c) in the field. We'll take care of the rest.
I have a deferred obligation from the sale of a company that has not been paid yet. Topic Search does not have any topic for "deferred obligation" or "453A(c)".
The problem is that I cannot locate the screen in step #3 that has "other taxes" to enter the dollar amount. There is no screen where I can enter "453A(c)" as indicated in step #4. I'm stuck at this point and cannot go further.
How do I locate the proper screen to account for this? Following the on-screen instructions doesn't lead me to the proper screen that I need.
Thanks!!
