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M
mstsax
Level 3
September 16, 2023
Question

Where do I input Section 453 A (c) information from K-1 , Box 20, Code P. It is Deferred Obligation (form 6252)

  • September 16, 2023
  • 1 reply
  • 12 views
This was is the taxpayers share of taxes on an installment sale
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1 reply

T
Terry53029Intuit Community Champion
Intuit Community Champion
September 17, 2023

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

 

 

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