Other Information
Line 20 A - Investment Income
This amount is the taxpayer's share of investment income (interest, dividends, etc.) from the partnership. This income should have been reported elsewhere on this K-1 in the Income items. The amount in Box 20, code A is provided for informational reasons only and will not pull to any other form which is why the program does not include the field entry.
Line 20 B - Investment Expense
Report the amount as it is reported to you in Box 20 code B. Please be aware that if you have investment expenses to claim, you should report them under the Federal Section, Deductions, Itemized Deductions, Less Common Deductions, Investment Interest.
Line 20 C - Fuel tax credit information
Amounts reported in Box 20, Code C may need to be reported on Form 4136. No amount entered in this field will flow to the Form 4136. (No Longer Supported in the Program)
Line 20 D - Qualified Rehabilitation Expenditures (other than rental real estate) Not Supported
The taxpayer's share of qualified rehabilitation expenditures and other information needed to complete Form 3468 for property not related to rental real estate activities in Box 20, Code D.
Line 20 E - Basis of Energy Property Not Supported
The amount reported in Box 20, Code E may be needed to calculate the Investment Credit available on Form 3468.
Line 20 F - Recapture of Low-Income Housing Credit (section 42(j)(5)) Not Supported
Represent the Low-Income Housing Credit recapture amount due to a disposition or basis change, typically for a partnership that has more than 35 partners, and this amount may be reported on Form 8611.
Line 20 G - Recapture of Low Income Housing Credit (other) Not Supported
Amounts reported in Box 20, Code G represent the Low-Income Housing Credit recapture amount due to a disposition or basis change typically for a partnership that has less than 35 partners and this amount may be reported on Form 8611.
Line 20 H - Recapture of investment credit Not Supported
The amount reported in Box 20, Code H may need to be reported on Form 4255.
Line 20 I - Recapture of other credits Not Supported
The amount reported in Box 20, Code I represents the recapture of other business credits that may need to be reported on Form 1040.
Line 20 J - Look back interest - completed long-term contracts Not Supported
Amounts reported in Box 20, Code J are reported on Form 8697.
Line 20 K - Look back interest - income forecast method Not Supported
Amounts reported in Box 20, Code K are reported on Form 8866.
Line 20 L - Disposition of property with section 179 deductions Not Supported
Amounts reported in Box 20, Code L may need to be reported on Form 4797. No amount entered in this field will flow to the Form 4797. Form 4797 can be accessed from the Main Menu of TaxSlayer Pro by selecting Income Menu, Other Gains/Loss (4797, 8824), Form 4797. See the partner's instructions provided by the partnership for further information on the treatment that these items will receive.
Line 20 M - Recapture of Section 179 deduction Not Supported
The amount reported in Box 20, Code M is the taxpayer's share of any recapture of section 179 expense deduction if the business use of the property dropped to 50% or less. See the partner's instructions provided by the partnership for further information on the treatment that these items will receive.
Line 20 N - Interest expense for corporate partners Not Supported
Amounts reported in Box 20, Code N are not reported on Form 1040. This amount is reported elsewhere on the Schedule K-1 and the total amount is reported here for information only.
Line 20 O - Section 453(l)(3) Information Not Supported
The amount reported in Box 20, Code O is the taxpayer's share of taxes as a result of the sale of certain class of assets (residential lots and timeshares) on an installment basis.
Line 20 P - Section 453(A)(c) Information Not Supported
The amount reported in Box 20, Code P is the taxpayer's share of taxes as a result of the gain on sale of certain assets (property with a sales price over $150,000) on an installment basis.
Line 20 Q - Section 1260(b) Information Not Supported
The amount reported in Box 20, Code Q is the taxpayer's share of taxes as a result of the gain on the sale of assets on an installment basis.
Line 20 R - Interest Allocable to Production Expenditures Not Supported
The amount reported in Box 20, Code R is the information that the taxpayer needs to capitalize any interest related to production expenditures under Section 263A.
Line 20 S - CCF Nonqualified Withdrawals Not Supported
The amount reported in Box 20, Code S is the taxpayer's share of nonqualified withdrawals from a capital construction fund (CCF).
Line 20 T - Depletion Information - Oil & Gas Not Supported
Amounts reported in Box 20, Code T is information the taxpayer needs to figure their share of any depletion deduction.
Line 20 U . Section 743(b) basis adjustment Not Supported
The partnership will provide your section 743(b) adjustment, net of cost recovery, by asset grouping. S
Line 20 V - Unrelated Business Taxable Income Not Supported
The amount reported in Box 20, Code V is the information that is provided to tax-exempt organizations. This section is not applicable to Form 1040.
Line 20 W - Precontribution gain (loss) Manual Entry
The amounts reported in Box 20, Code W is information regarding any property that was distributed to a partner, other than the original contributing partner. In this event, the contributing partner (taxpayer) must recognize any gain or loss on Form 8949/Schedule D or Form 4797 in accordance with information provided by the partnership. See the partner's instructions provided by the partnership for further information on the treatment that these items will receive.
Line 20 X - Reserved
Line 20 Y - Net Investment Income Not Supported
Amounts reported in Box 20, Code Y is the information that is provided to the taxpayer to determine their net investment income tax under section 1411.
Line 20 Z – Section 199A Information
Amounts reported in Box 20, Code Z is the information needed by a partner/taxpayer to claim the Qualified Business Income Deduction. The information reported may consist of some or all of the following items.
- Section 199A income –This is the Qualified Business Income (QBI) which is generally defined as income that is related to the partnerships business activities and it does not include investment income or guaranteed payments to partners for services rendered to the partnership. The amount entered will automatically pull to the applicable Qualified Business Income Deduction (QBID) form (Form 8995 or Form 8995-A) under the Tax Computation Menu and used to calculate any QBID.
- Section 199A W-2 Wages – are the wages paid by the partnership that were reported to the Social Security Administration on a W-2. The amount entered as W-2 Wages does not carry to Form 8995 - Qualified Business Income Deduction Simplified Computation because W-2 Wages are not used to calculate the QBID for taxpayers that are permitted to use Form 8995 because the taxpayer's income is below certain thresholds. This amount will automatically pull to Form 8995-A - Qualified Business Income Deduction under the Tax Computation Menu and is used in the calculation of the QBID for taxpayers above the taxable income thresholds.
- Section 199A unadjusted basis - This is the unadjusted basis of qualified property held by the partnership. Qualified property is generally defined as the original cost of assets that were placed in service by the partnership in the past ten years and still used by the partnership and the original cost of assets still being depreciated by the partnership because the recovery period is greater than ten years. The amount entered as unadjusted basis of Qualified Property does not carry to Form 8995 - Qualified Business Income Deduction Simplified Computation because it is not used on that worksheet to calculate the QBID for taxpayers that are permitted to use Form 8995. This amount will automatically pull to Form 8995-A - Qualified Business Income Deduction under the Tax Computation Menu and is used in the calculation of the QBID for taxpayers above the taxable income thresholds.
- Section 199A REIT dividends - This is the REIT dividends received by the partnership. This amount will automatically pull to the applicable QBID form under the Tax Computation Menu and is used in the calculation of the QBID.
- Section 199A PTP income - This is the Publicly Traded Partnership income reported by the partnership. This amount will automatically pull to the applicable QBID form under the Tax Computation Menu and is used in the calculation of the QBID.
Line 20 AA – Section 704(c) information
Amounts reported in Box 20, Code AA is informational. It represents the net income or loss effect that a partner who has contributed property with a built-in gain or loss bears. This amount is not pulled to the tax return, and for additional information see the partner's instructions.
Line 20 AB –Section 751 gain (loss)
Amounts reported in Box 20, Code AB represents the partner's share of gain or loss on the sale of the partnership interest that is subject to being taxed at ordinary income rates and not capital gain rates. This amount is not automatically pulled to the tax return, and for additional information see the partner's instructions.
Line 20 AC – Section 1(h)(5) gain (loss)
Amounts reported in Box 20, Code AC represents the partner's share of gain or loss on the sale of the partnership interest that is subject to being taxed at the rate for collectible assets. This amount is not automatically pulled to the tax return, and for additional information see the partner's instructions.
Line 20 AD – Deemed section 1250 unrecaptured gain
Amounts reported in Box 20, Code AD represents the partner's share of gain or loss on the sale of the partnership interest that is subject to being taxed at the rate for unrecaptured section 1250 gain. This amount is not automatically pulled to the tax return, and for additional information see the partner's instructions.
Line 20 AE – Excess taxable income
Amounts reported in Box 20, Code AE is the excess taxable income determined by the partnership for the purpose of the limitation placed on the partnerships ability to deduct business interest.
Line 20 AF - Excess business interest
Amounts reported in Box 20, Code AF represent the business interest that was subject to a business interest limitation at the partnership level.
Line 20 AG - Gross Receipts for Section 59(A)e
The amount shown represents the partner's distributive share of the partnership's current year gross receipts. See here for more information about what this number is for.
Line 20 AH - Other Information
Box 20, Code AH are other items of information not found elsewhere on the Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. The taxpayer should receive instructions from the partnership needed to address the items contained in this box.
Enter the amount to adjust from the Net Investment Income for this K-1
Use this field to make any adjustments necessary to the net investment income previously reported on this K-1. See these Form 8960 Instructions for further information.