How do I report partnership Schedule K-1 box 13 code W on an individual return Form 1040 in ProConnect Tax Online? See attached photo of Schedule K-1 (Form 1065) Part III.
The general instructions with this Schedule K-1 says:
Line 13w Other deductions - Trader expenses. For individuals, combine the values from lines 11i and 13w to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k)
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Combine the values from lines 11i and 13w is clear to me if you also know that the partnership Schedule K-1 general instructions provided state:
Line 11i Other income - For individuals, combine the values from lines 11 i and 13w to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k).
Line 13w Other deductions - Trader expenses. For individuals, combine the values from lines 11i and 13w to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k).
In my individual's case, when you combine zero income from line 11i and a deduction/expense of 8 from line 13w, the result is a nonpassive loss of 8 that should be reported on Schedule E, Line 28 (i).
My question is not how to determine what should be reported, but how do I enter the information in ProConnect Tax so that it is reported correctly. I found instructions on how to do this in Lacerte, but I cannot find any instructions on how to do this in ProConnect Tax.
To follow the instructions referred to for Lacerte https://proconnect.intuit.com/community/schedule-k-1/help/reporting-partnership-schedule-k-1-line-13... do as @dfrycpa73 says to use the Less Common Scenarios - Try to match up this screen with the one given for Lacerte.
These are the steps to do this and the result on Schedule E, Line 28 (i) for my client:
These are the steps to do this and the result on Schedule E, Line 28 (i) for my client:
