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- This is my first time entering a K-1 for a client is an LP in an investment fund. Is income and capital gains reported on the K-1 typically passive or non-passive?
This is my first time entering a K-1 for a client is an LP in an investment fund. Is income and capital gains reported on the K-1 typically passive or non-passive?
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LTank
Level 1
10-07-2022
01:36 PM
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Proconnect has two separate entries for capital gains: one designated passive and one not. Which should I use if the K-1 for an investment fund partnership doesn't specify if it is passive or non passive.
Similarly, would you enter Box 11 Code A info on other portfolio Income as passive or non passive for thinks like IRC Sec 1293 QEF ordinary earnings, Section 988 Gain and other portfolio income?
Similarly, would you enter Box 11 Code A info on other portfolio Income as passive or non passive for thinks like IRC Sec 1293 QEF ordinary earnings, Section 988 Gain and other portfolio income?
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3 Comments 3
sjrcpa
Level 15
10-07-2022
01:53 PM
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It is probably portfolio/investment income.
Do you have all of the "supplemental" stuff that came with the K-1?
Or is this a group of friends that formed an investment club?
Ex-AllStar
LTank
Level 1
10-07-2022
02:04 PM
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These are investments in professional managed funds. Client is not active in management. I have the complete K-1 package with footnotes. Client has more that one K-1 of this nature. One of them spells out some of the boxes that are passive v. non passive. The others do not.
How do you identify this K-1s as in investment/portfolio income in Proconnect so the info flows to proper schedules?
PhoebeRoberts
Level 11
10-07-2022
02:28 PM
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I call everything portfolio unless the footnotes specify something is passive. "Other nonpassive" is a fine place to put it if it doesn't obviously belong somewhere else.
I have an Excel file that adds up how much should end up on what lines of the tax return, without which I would never have any faith that my input got the right output, particularly when it comes to NIIT and QBI.
