sch2020
Level 1

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

 

 

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