How do I override the amount reporting on Partnership Sch K-1 line 20N in a 1065 return using CCH® ProSystem fx® Tax interview view?
- Article Type:
- How To
- Last Modified:
- 11/05/2022
Objectives
N/A
Environment
CCH® ProSystem fx® Tax
2020.02070
Interview forms
IVF
2020.02070
Interview forms
IVF
Procedure
- Go to Interview form K-11.
- In Box 84 - Business Interest Expense (5668), input an applicable override amount.
- Calculate the return.
Notes:
- Schedule K-1 line 20N is the partner's share of the amount allowed on page 1 of the 1065 as a deduction.
- The disallowed portion appears on Schedule K-1 line 13k. The allowed portion appears on 1065 page 1 line 15, and Schedule K-1 line 20N, essentially reporting the amount of business interest expense included in calculating the partner's share of Ordinary income calculated on 1065 page 1, line 22, reported to their Schedule K-1 line 1.
- If an amount of Business Interest Expense is disallowed, the calculation is reported on Form 8990 page 2 lines 30 and 31.
- If special allocation code 5203 is being used on Interview Form K-4, then the system will use this to allocate Schedule K-1, line 20N.
- If using code 5203 with dollar values between partners, then also select the Units checkbox.
- Add a new row or sheet with Special Allocation code 5668 to specially allocate Schedule K-1, Line 20N differently than Ordinary income code 5203.
Additional Information
N/A
Solution Id | 000228941/120221 |
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