I just exported my first K-1 from an LLC with K-3 information in Part II to an individual return and it appears the Gross Income from all sources is doubled up in the individual file. Has anyone else encountered this? It says it's only a memo entry. But just concerned about the import feature and if it will double all entries that might be on the Schedule K-3
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How did you get the K-3 to export to the individual? I exported my first partnership with K-2 K-3 information but it appears only the K-1 exported. I'll let you know if mine doubles once I figure out how to export the schedule.
I just found that K-3 information did export . I see Gross income from all sources on the partner's 1040 screen 20.1 under line 16. The amount there is the entire Gross Income from the 1065. There are two partners one with 1% and one is 99%. This particular partner is only 1% and shows their small aggregate gross receipts above under Part III lines 1 - 10, but the 100% entity gross receipts amount is below on line 16 K-3 information.
Well I didn't do anything special. My partnership doesn't have any foreign income, so I just used Lacerte's new checkbox and when I did the export, included the gross receipts from the Schedule K-3, albeit not allocated properly for the various partners.
I was wrong, some K-3 information is included in the export. Mine ended up with the entire entity gross receipts, not just my partner's share. My partnership had no foreign reporting of its own, just the check box needed because the partners file 1116.
From the two that I did, it appears that the gross receipts for K-3 purposes is allocated 100% to partner #1
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