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Where to Enter income reported Line 10B ( Other Income) on Schedule K-1 in Individual tax return ?

abctaxguru
Level 1
 
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4 Comments 4
joshuabarksatlcs
Level 10

A side note: It would be nice if K-1 questions come with the clarification whether the K-1 is from 1065, 1120S or 1041...

Anyway, my calculated guess is that, based on your reference of "Line 10(b)", Line 10 of the 1120S K-1 shows a Code B.  If so, and the K-1 was properly done, the amount would represent an income from involuntary conversions. 

Here, thus spake the IRS on Page 13, Instructions for Schedule K-1 (Form 1120-S) (2020) 

Box 10. Other Income (Loss)

Code A  ......

Code B. Involuntary conversions. 

This is your net loss from involuntary conversions due to casualty or theft.  The corporation will give you a statement that shows the amounts to be reported on Form 4684, Casualties and Thefts, line 34, columns (b)(i), (b) (ii), and (c).

If there was a gain (loss) from a casualty or theft to property not used in a trade or business or for income-producing purposes, the corporation will provide you with the information you need to complete Form 4684.  

 

You may need to contact the S Corp. if the info was NOT attached to the K-1 or otherwise provided to the shareholders. 

 

P.S. I hope I'm not barking up the wrong tree.  My mind reading skills are seriously being questions in another thread in this forum...


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George4Tacks
Level 15
So? Is the K-1 a he, she or it?

Answers are easy. Questions are hard!
joshuabarksatlcs
Level 10

According to @IRonMaN , Kay is 91.23456789% a she....


I come here for kudos and IRonMaN's jokes.
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sjrcpa
Level 15

That's my mother's name. She is a she.

The more I know, the more I don't know.