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S
setherling
April 9, 2020
Question

Schedule K-1 box 14

  • April 9, 2020
  • 1 reply
  • 0 views

I received a K-1. In box 14 there are codes A, M, and P.  TT is telling that if there is an M there must also be an F and will not allow me to e-file.

    1 reply

    I
    Irene2805
    April 9, 2020

    On the K-1 (from an S-Corp) in Box 14, Code M is deductions from passive income.  In order to have the passive deductions, you have to have the passive income, which is reported with Code F.

     

    You can either:

    1. Check with the issuer of the K-1 about an entry for Code F; or
    2. Delete the entry for Code M.

    Keep the entry with code P to calculate a foreign tax credit.

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