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Received a K-1 for the first time. What do I do with Box 20…

Received a K-1 for the...
Received a K-1 for the first time. What do I do with Box 20 Code V* STMT. There is a 2nd page with footnotes for box 20 (says information is only applicable to TAX-EXEMPT PARTNERS). Is that footnote page information only or do I have to use those numbers to calculate a value and input it on my taxes? I'm a California resident
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Customer reply replied 4 months ago
Is it safe to upload the footnote page? If so, I can upload a picture of it
Answered in 1 hour by:
3/15/2018
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,139
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

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You are correct in your reading. The code "V" in box 20 refers to Unrelated Business Taxable Income, which is a special kind of income that charitable organizations can have. It is income that a charity can pay tax on. It does not apply to individuals such as yourself.

Just ignore that number when filling out your tax return.

I hope this answers your question. Let me know if you have any more and I will be happy to answer.

Thanks! Have a great week!

Roger

Ask Your Own Tax Question
Customer reply replied 4 months ago
ok thank you, i'll proceed with filing my taxes
Very good. If you have any more questions, just let me know.
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,139
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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