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- Entering separate passive activities from a K-1 on Lacerte 1040
Entering separate passive activities from a K-1 on Lacerte 1040
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Chuckles
Level 1
08-10-2022
04:45 PM
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I have a client with a partnership investment that has invested in 10 separate partnerships that each have losses from passive activities. I need to report the losses from the lower tier partnerships separately on the 1040's Form 8542 and am not sure how to do that.
Do I set up a separate input Form 20.1 for each activity reported by the lower tier partnerships as if it was a separate partnership on the Form 1040?
Thanks for your help.
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1 Comment 1
sjrcpa
Level 15
08-10-2022
05:37 PM
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Yes. Then track basis in the main one, requiring additional input.
The more I know, the more I don't know.
