Level 15
09-17-2023
09:03 AM
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ProSeries does not automatically carry code P to the correct form, and you will have do it manually. The partnership instructions should give the procedure to figure the amount for your client. See the instructions for the K1 code P here. https://www.irs.gov/instructions/i1065sk1. It will be interest due and reported on schedule 2 (1040) line 15