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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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- Where do I input Section 453 A (c) information from K-1 , Box 20, Code P. It is Deferred Obligation (form 6252)
Where do I input Section 453 A (c) information from K-1 , Box 20, Code P. It is Deferred Obligation (form 6252)
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mstsax
Level 3
09-16-2023
04:26 PM
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This was is the taxpayers share of taxes on an installment sale
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Terry53029
Level 14
09-17-2023
09:03 AM
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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
