Re: On a 1065 K-1, where would the amounts on Lines 16B and 16AA be entered?

Andrea6 · ‎04-21-2021

My client received a K-1 from their interest in a PTP, which included amounts on Lines 16B and 16AA. Where would these be entered in Lacerte or be reported on the return? Thank you.

George4Tacks · ‎04-21-2021

All is revealed here https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf

First determine if there actually is any foreign income or tax. Most of these can be ignored because they are so small or non existent

You can also look at the 3rd page of the 2019 K-1 for more help https://www.irs.gov/pub/irs-prior/f1065sk1--2019.pdf

Answers are easy. Questions are hard!

Andrea6 · ‎04-21-2021

Thank you!