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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Her is link for IRS instructions:
I've read the IRS instructions. The IRS instructions don't tell me where/how to input partnership Schedule K-1 box 13 code W on an individual return in ProConnect Tax.
The Intuit Accountant's Community Help Articles tells how to do it in Lacerte, but I have not found anything telling how to do it in ProConnect Tax. This is the link for Lacerte: https://proconnect.intuit.com/community/schedule-k-1/help/reporting-partnership-schedule-k-1-line-13...
Intuit Help Article for ProConnect Tax Partnership K-1 Input Box 13 has no help for code W. This is the link for ProConnect Tax: https://proconnect.intuit.com/community/schedule-k-1/help/partnership-k-1-input-box-13/00/4779
You need to ask the partnership what it is for, as it could be for a whole host of stuff. I wouldn't lose a lot of sleep over 8 bucks
The partnership 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)
For this taxpayer, yes it is only $8, but if it were $800 ProConnect Tax does not have instructions for handling this whereas Lacerte has detailed instructions.
"For individuals, combine the values from lines 11i and 13w to determine whether you have a nonpassive income or loss." wins the prize for grammatically correct but uncommunicative sentence of the year. What does "combine" mean -- "add"? How does the result "determine whether you have a nonpassive income or loss"? I'll take a guess: if the sum of 11i and 13w is nonzero, you have a nonpassive loss or income to report on Schedule E, Line 28, (i) or (k), respectively. Am I right, or not?
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.
I am also looking for this info in Proconnect
Did you ever figure this out? I have 158 from 13W - can't figure out the entry field that maps to 28 i or k. Any help is much appreciated. BD
If you're looking for a similar input screen as Lacerte, this is found in "Less Common Scenarios" in PTO.
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:
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