Question

Schedule K1 Box 20 Code V Multiple Amounts

Forum|Forum|2 years ago
March 9, 2024
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I received Schedule K-1 and Box 20 shows "AJ* STMT", "N* STMT", "V* STMT" and "Z* STMT". On page 2 of K-1, there are information for these codes, specifically code V has (1) Average Basis - Debt Financed Property, (2) Average Debt on Financed Property, (3) Direct Deductions from Debt Financed Property, (4) Gross Revenues from Debt Financed Property, and (5) S/L Depreciation on Debt Financed Property. Each of these 5 items has a $ value. In TurboTax desktop, I am required to enter an amount as shown below. Do I need to enter the sum of these 5 items for code V below?

Thank you,

Tulane

PatriciaV

Per the IRS Instructions for Form 1065 Schedule K-2, Box 20 Code V, the information reported here applies to a partner that is a tax-exempt organization. In most cases, this does not apply to an individual taxpayer. You may omit Code V from your K-1 entries for Box 20.

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T

TulaneAuthor

Hi @PatriciaV ,

Per my Schedule K-1 Part II, I am considered an individual partner so I would think Code V also applies to me. If yes, then do I need to add all the amounts associated with Code V and enter that in Box 20? And if it doesn't, does it hurt to just include it here?