Schedule K1 Box 19

[sunshinebk]

Where do I input Box 19 information from Passthrough K1s? The tab says Llines 12 - 19, but that's a lie because it stops at Box 18. Where do we input data from Box 19?

[George4Tacks]

Since you are asking other users you need to ask a full and complete query.

What flavor of K-1?

What is the description of line 19?

Have you taken the time to read the instructions for the taxpayer that would normally have come for the K-1?

[sunshinebk]

I'm preparing a partnership return and I need to enter the passthrough K1 information because it (the partnership) received a K1 from another partnership. Line 19 is the distribution line. There are tabs in the entry screen that divvy up the K1 lines. There is a tab that says Lines 12-19, but there is no space for Line 19 input on that tab.

[PhoebeRoberts]

Your partnership received a distribution from another partnership; the K-1 you provide your partners should only reflect the distributions they received from you.

On your trial balance, those distributions from the other partnership should match the distributions you booked as a reduction of (credit to) "Investment in Other Partnership."

[sunshinebk]

Okay, I understand mostly. But where do I enter the distributions the partnership received? In Lacerte, I put that in Box 19 in the passthrough K1 screen. There's no such screen in Proconnect. So I don't know where to enter it.

[PhoebeRoberts]

Why do you need to enter it anywhere? When you entered it in Lacerte, how did that affect the tax return?

[abctax55 · Accepted solution]

As Phoebe said, it's a reduction in the investment in the partnership. So it goes on the balance sheet (indirectly...) as the remaining capital account.  Your trial balance *should* reflect this information.

[sunshinebk]

I guess that's one of my questions too. Do I even need to enter it? It's looking like I don't need to. And I think in Lacerte it ended up on the 1065 on Sch K, Line 19. 

[sjrcpa]

No it didn't. As Phoebe said, only distributions from the partnership whose return you are preparing to its partners go on Line 19.