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Tax year 2025 individual e-filing is now open. For resources to help start your tax season check out Hot Topics here.
Tax year 2025 individual e-filing is now open. For resources to help start your tax season check out Hot Topics here.
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- Form 1065 K-1 Code 19d M-2
Form 1065 K-1 Code 19d M-2
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sgemar
Level 1
Friday
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The IRS added code 19D this year which represents only the decrease to a partner / member's share of liabilities. This of course was already disclosed, but now the IRS wants a code. Lacerte is taking this amount and lower the K-1 capital account. I don't believe this is accurate as the capital on the K-1 represents equity / capital (and not basis which would include debt). I think code 19D should be informational and not flow to schedule M-2 or the Schedule K-1s. Am I off base or missing something?
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sgemar
Level 1
Friday
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Either I missed it, or it was just added, but in "Other Schedule K Items" there is now a spot to enter this under distributions that flows to the K-1s, but doesn't impact the M-2 or capital. So this resolved my concerns.
