K-1 20P

Forum|Forum|5 years ago
May 5, 2021
1 reply
12 views

Have a client with multiple k-1's the due to sale of farm property there is 20P figures on the k-1's

is there a way to report these to generate the correct forms in Lacerte

thanks

Michele

Lacerte Tax

This topic has been closed for replies.

P

PKCPAMST

Level 6

Michele,

A partnership reports additional income tax imposed on certain installment sales by Code Sec. 453(A)(c) with a Code 20P.

To report the information in Lacerte, go to Screen 45 – Other Taxes, Section Other Taxes.

In the Prompt Section 453(A)(c), open up the Supporting Detail with Control-E and enter the amount(s). They will appear on Schedule 2 – Additional Taxes, on Line 8 as 453(A)(c).

PK

M

micheleAuthor

Level 6

I did that the code P had a $478,000. I do not believe he owes $478,000.00 in additional tax

I was wondering if I would have to calculate the tax on 478,000 and then enter it in additional taxes

thx

P

PKCPAMST

Level 6

The taxpayer’s tax for the year is increased by the “interest charge”. Yes, you will need to calculate that. Tonight I will post a sample calculation.

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