rsowens
Level 3
‎03-27-2020 05:19 PM

I have a client who's K-1 (1065) has income shown on line 11 with code I (misc income).  The only description is misc income EQT.  Where do I enter that income?

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George4Tacks
Level 15
‎03-27-2020 05:44 PM

I do not know what EQT would stand for. I would make the entry in the section between entries for 13 and 14 > Separately State Income and Deductions > Select either passive or nonpassive, depending on the type of k-1 and use the Ctrl + E to enter the same phrase and the amount. 

 


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PhoebeRoberts
Level 11
Level 11
‎03-30-2020 10:38 AM

Your client's K-1 is from an investment partnership, and that investment partnership owns units in EQT Midstream Partners LP, a publicly traded partnership / master limited partnership. 

Because it's income, the PTP rules make it easier. I'd just call it an Other Passive item under Separately Stated Income and Deductions. When it's a loss, or a material amount, I set up a separate K-1 for the PTP sub-activity.

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