Lord Happy
Level 5
03-03-2022
05:06 PM
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Happy day...for a 1065, check off the box on the CA info worksheet for Form 3804. Then go to each participating members' Sch K1 and check off the box on the bottom that they are participating. Then go to the 3804 and you will see the selected partners listed. Then...let's see...go back to the Sch K1 for each partner and put their amount into a special allocation box. Take the total from the 3804 and go to 568 pg 5-6 to Line 15F and enter it there. Yep. I think that's correct. I don't think it flows to the CA K1 automatically.
The trick, of course, is that you can only do this for amounts paid in 2021.