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ShawnA
ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Tax
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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Customer: I have various items on my schedule K-1. I am trying to find out how to get items 13J, 13T1-7, 17D, 17E, 17F1, 20T1-5, 20V on my tax return
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Submitted: 7 months ago.
Category: Tax
Expert:  Anne replied 7 months ago.
HII'm Anne. I've been preparing taxes for 28 years, and I'll be happy to help you. Can you please tell me what entity issued the K1- (Partnership, Trust, Corp) since the entries are just a little different for each one. If you're not sure, you can look in the upper left hand corner, directly beneath "K1" will be a form number (1065,1120,1041)
Customer: replied 7 months ago.
It's a partnership. I am a limited partner. The income is passive. The form is 1065.
Customer: replied 7 months ago.
If I have cancellation of debt income, should I add this on schedule E so that it ultimately shows up in line 32 and line 41 schedule E?
Customer: replied 7 months ago.
Should item 13J (IDC) ultimately flow to schedule E, line 28, column f?
Customer: replied 7 months ago.
When should I expect answers to my questions?
Expert:  Angie replied 7 months ago.
Are you using a tax software program to do your taxes or are you doing them by hand?
Customer: replied 7 months ago.
I am using H&R Block Tax software. While it does all the other parts well, it doesn't do the Schedule K-1 part well. When I put CODI in the right box, it doesn't move it to the 1040 correctly
Expert:  Angie replied 7 months ago.
I'm not familiar with their software... I am going to opt out so that someone more familiar with it can assist you.
Customer: replied 7 months ago.
Another way of asking my questions is below, even if one is doing his/her taxes by hand:
How does one get the following items to go from schedule K-1 to be reflected ultimately in my form 1040:
11E - Cancelled debt income
13J - Intangible drilling cost
17D - Oil, Gas, & Geothermal gross income
17E - Oil, Gas, & Geothermal Deductions
17F1 - Excess Intangible Drilling Costs
20T1 - Total Sustained - Assumed Allowable depletion
20T2 - Cost Depletion
20T3 - Percentage Depletion in Excess of Cost Depletion
20T4 - Percentage Depletion in Excess of Basis
20T5 - Net Equivalent Barrels of Production
20V - Unrelated Business Taxable Income
20Z1 - State Bonus Depreciation AdjustmentI would like to know an easy description of how to get these into the necessary forms so it ultimately flows into my 1040. The description given at the IRS website is not clear to me. My H&R Block software is not working well. I can do my tax by hand if necessary. The other parts are straightforward. It is the schedule K-1 part that is causing all my problems. I have schedule K-1 from only one company. Thanks.
Expert:  ShawnA replied 7 months ago.
There seems to be a software issue. I'll also offer you a call because I have resolved this issue with Turbo Tax software.

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