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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Re: Where do I input Section 453 A (c) information from K-1 , Box 20, Code P. It is Deferred Obligation (form 6252)
Where do I input Section 453 A (c) information from K-1 , Box 20, Code P. It is Deferred Obligation (form 6252)
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mstsax
Level 3
09-16-2023
04:26 PM
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This was is the taxpayers share of taxes on an installment sale
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Terry53029
Level 14
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
