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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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- How can I get net income in the K-1 capital account section to be on a tax basis? Currently it is pulling book income from the M-1, not taxable income.
How can I get net income in the K-1 capital account section to be on a tax basis? Currently it is pulling book income from the M-1, not taxable income.
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msussman90-gmai
Level 1
10-27-2021
07:34 AM
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Currently, the net income per the K-1 capital account section (item L) is applying the ownership percentages to the net income per books line of Schedule M-1 as opposed to to the taxable income line. Item L on the K-1 is supposed to be computed on a tax basis.
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George4Tacks
Level 15
10-27-2021
12:03 PM
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I think the HOW TO is here https://proconnect.intuit.com/community/form-1065/help/form-1065-schedule-k-1-item-l-partners-capita...
OR somewhere in this search https://proconnect.intuit.com/community/forums/searchpage/tab/message?advanced=false&allow_punctuati...
click Articles
Here's wishing you many Happy Returns
msussman90-gmai
Level 1
10-27-2021
12:26 PM
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Thanks. I’m not having a problem with Item L being blank but rather it’s being calculated on a book basis instead of tax basis
