Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
View this page to find answers to common questions on estimated tax payments. See here for more info.
View this page to find answers to common questions on estimated tax payments. See here for more info.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- Deficit restoration obligation LLC General partner K-1
Deficit restoration obligation LLC General partner K-1
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Drphibes
Level 7
yesterday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Client is general partner in an LLC taxed as a partnership. His K-1 end of year basis is negative and a box 19 distribution of $22k. The K-1 Box 20 code X is for exactly the same amount of the negative basis and titled Deficit Restoration Obligation. After some reading I know this can allow the $22k to not be taxed but how do I reflect this situation in Lacerte? Thanks in advance!
Labels
