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Level 1
March 11, 2021
Solved

1065 K-1 BOX 20

K-1 BOX 20  is automatically filling in (AG)  I have not entered this and have no idea where it is coming from  any help?

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sm5463Answer
Level 3
March 11, 2021

This calculates the partner's share of gross receipts based on gross receipts information entered on the main form. This is a new reporting requirement for 2020 that may be required for partners to correctly report business interest expense. More information is provided in the IRS government instructions. 

2 replies

sm5463Answer
Level 3
March 11, 2021

This calculates the partner's share of gross receipts based on gross receipts information entered on the main form. This is a new reporting requirement for 2020 that may be required for partners to correctly report business interest expense. More information is provided in the IRS government instructions. 

Level 3
March 11, 2021

Schedule K-1 Box  20, Code AG comes from Form 1065, page 4, Schedule K, line 20 E Gross receipts for Section 448(c)