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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- HOW DO YOU ENTER A DISALLOWED SECTION 179 DEDUCTION FROM A PARTNERSHIP SCHEDULE K-1 ON AN INDIVIDUAL TAX RETURN?
HOW DO YOU ENTER A DISALLOWED SECTION 179 DEDUCTION FROM A PARTNERSHIP SCHEDULE K-1 ON AN INDIVIDUAL TAX RETURN?
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ftlusty
Level 1
09-21-2024
10:27 AM
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PhoebeRoberts
Level 11
09-21-2024
10:47 AM
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The 1065 K-1 reports everything that's allowed at the partnership level. Lacerte will calculate the "lack of business income" / basis / at-risk / passive carryforward, if applicable.
If you've got a prior-year carryforward you're trying to enter, was it suspended for lack of business income, basis, at-risk, or passive in the prior year?
