itonewbie
Level 15
01-17-2021
04:10 PM
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I see that you're preparing a 1065 for 2020. Those codes for Line 16 are related to BEAT and its new reporting requirements. If it does not apply to your client, you will need to override those on the following screens:
- Code AA: Schedule K > Other Schedule K Items > Other Schedule K Items, under the Less Common Scenario tab, on the line for Gross receipts per Reg. 1.59A-7(e)(2) [Override], enter -1 (yes, negative one);
- Codes AB, AC, and AD: Schedule K-1 > Schedule K-1 Miscellaneous, on the tab for the partner whose K-1 is showing an amount, scroll down to the section for Gross Receipts per Regulations 1.59A-7(e)(2) [Override], and enter -1 (negative one) on each of the 3 lines.
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