Question

Why do I get a maximum value error when entering box 20 info from a K-1 form into turbo tax the item is labeled V AVERAGE ACQUISITION DEBT with value XX,XXX,XXX?

Forum|Forum|6 years ago
October 17, 2019
1 reply
0 views

The K-1 has the following items:
A - Investment income  XX.
AB - Section 199A unadjusted basis  XXX,XXX.
V - AVERAGE ACQUISITION DEBT  XX,XXX,XXX. [this is where I see the error "Maximum value is 9999999.99"]

TurboTax Self Employed Online

A

Anonymous

box 20 item V in turbotax is unrelated business income, you can't change this. however, average acquisition debt is only relevant to tax exempt organizations. the k-1 input form, if you could looked at it, has 3 asterisks defined as not applicable to individual returns.