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And then follow the IRS instructions for sending in the Schedule 1 to them. **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Schedule K-1 Box 20 Code AJ is new for tax year 2023. TurboTax has not released the updated forms for this year, which is why you are seeing an out-of-date K-1 in TurboTax for Desktop. According to the Forms Availability Table, Schedule K-1 is expected to be released on February 21, 2024. Because updates are released after business hours ...
Schedule 1: Additional Income and Adjustments to Income. IRS Schedule 1 lists additional income sources such as taxable state refunds, business income, alimony received, and unemployment compensation. Adjustments include HSA deductions, self-employed health insurance, student loan interest, IRA contributions, and alimony paid, to name a few.
IRS Schedule 1 does not. However, IRS Schedule 1 appears in drop down when I click Open Form icon. I select it – it has 0 on Line 1 for state income taxes and 0 on Line 10. Don’t understand why IRS Schedule 1 that applies to my tax return does not appear in forms list when other forms appear that do not apply to my tax return.
However, you may be able to deduct on Schedule 1 (Form 1040), line 17, the amount you paid for health insurance on behalf of yourself, your spouse, and dependents, even if you do not itemize your deductions. See the in- structions for Schedule 1 (Form 1040), line 17, for details. March 7, 2022 3:53 PM. 2. Reply.
Each of these forms comes with an attached Section 199A Statement. You'll need this to enter your information into TurboTax using the following steps: Note: If your TurboTax navigation looks different from what’s described here, learn more. Enter your Schedule K-1 Section 199A Statement amounts. If your Schedule K-1 Section 199A Statement ...
Using the search bar, type K-1 and select the Jump to link in the search results. This will take you to the Schedule K-1 and Schedule Q screen. Select I’ll choose what I work on and continue until you reach the Your 2023 Income Summary screen. Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income.
DavidS127. Expert Alumni. Note that it is very important to Continue through the K-1 interview after you have entered your box 20 code Z. Enter the code Z when you enter the K-1, but you don't need to enter an amount. Continue on, and there is a screen near the end of the interview titled "We need some more information about your 199A income or ...
Enter this Miscellaneous Income: Click on the Federal tab. Click on Income & expenses. Scroll down to Less Common Income. Click on Start or Update button Miscellaneous Income, 1099-A, 1099-C. On the next screen (Let's Work on Any Miscellaneous Income), click the Start or Update button for Other reportable income.
We paid an accountant to issue us the 1065 K-1 partnership for 2023. In box 20, it is shown code AJ with STMT, which refers us to the Supplemental Information, page 2. In the descriptive information, there are 2 AJ codes listed with 2 different amounts: AJ Aggregate Business Activity Gross Income $10,000. AJ Aggregate Business Activity Total ...