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cengle
Level 1
January 18, 2021
Question

Form 1065 base erosion tax override

  • January 18, 2021
  • 1 reply
  • 10 views

is there a way to override the base erosion tax information currently printing on K-1 line 16

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1 reply

SDJayhawk
SDJayhawk
Level 5
January 18, 2021

Hi, bwucpa - 

The base erosion tax payments are input on Form 1065, page 4, Schedule K, line 16r, code AE.  This amount can be specially allocated to the respective partners as needed on the Schedule K-1 worksheet.  However, I was able to override an amount on Schedule K-1, line 16 for this code but this is not recommended.   If the amount is not pro rata based on ownership, using special allocations is the best approach.

Hope this helps.....

 

 

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