Yes, Box 13 on the K-1 has an AE code in the pull down but trying to use it, I had the same problem as you. Do NOT use Box 13 on the K-1. Instead, go to Box 13 in TT form K1P Addl Info. There's a subsection labeled Code W to ZZ, Enter your AE code / description / amount manually in Line 8 labeled Other*I tried to do my taxes today and am getting similar issues: My K-1s from an Angellist rolling fund have a positive number in Box 13 labeled AE and the drop-down menu for Box 13 now has AE as an option, but I get a message during review that says "Partnership Additional Info 1: Other deduction fields have no entry. A total of 321* has been entered for code(s) W to ZZ. Code(s) W to ZZ require(s) additional information. Please enter 321 on the appropriate line or lines in this section." and it only enables me to add it to "Other taxes" - The Turbo Tax specialist told me to enter -321 in that field but it then changes my tax owed/refund number (the fund has not paid out anything since I invested in it) and the only place I see a negative number anywhere on the K-1 is "Partner's Capital Account Analysis" which shows -321 in "Current year net income (loss)" - do I do what he says and/or is there something else where I should be pasting the note on the K-1 - which says "NET INVESTMENT INCOME - UNLESS OTHERWISE STATED BELOW, ALL TAXABLE INCOME REPORTED ON THIS K-1 REPRESENTS NET INVESTMENT INCOME UNDER INTERNAL REVENUE CODE SECTION 1411.".
The specialist told me I needed to pay for TurboTax to do my taxes for me if I wanted any more guidance. :-/
*or whatever - this is happening on a whole bunch of K-1s
Any guidance appreciated.
Statistics: Posted by LookinAround — Sun Apr 07, 2024 2:20 pm — Replies 13 — Views 1343