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Why am I Showing 2020 Schedule K-1 Box 16 Codes for Foreign Transactions?

IntuitAlicia
Employee
Employee

New in Tax Year 2020 the Schedule K-1 includes additional codes per Regulations 1.59A-7(e)(2) (Base Erosion Tax 8991) listed for Codes AA through AI. These items are for informational purposes and do not indicate Foreign activity is present on the Partnership return. Entity partners will show multiple codes.  

At this time the IRS Instructions for Form 1065 Schedule K-1 are still in draft as of (January 15, 2021).

These items will populate automatically, and can not be suppressed.  

 

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IntuitBettyJo
Community Manager
Community Manager

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