sch2020
Level 1
02-24-2021
08:44 AM
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Lacerte is following IRS instructions. See the codes for the K-1 under Box 16 - AA, AB, AC and AD. If your partnership has a partnership as a member/partner then these will show up on Line 16. We are just putting a supplemental note on the K-1 to that partner that reads..
Box 16 Code AA - AD - Gross receipts per Regulations 1.59A-7(e)(2)
Code AA - Current Year
Code AB - First Preceding year
Code AC - Second preceding year
Code AD - third preceding year