Where is the input for line 13V other negative 743(b) adjustments passed through on a partnership k-1?

[Terry53029]

Here is a link for you.

 https://www.thetaxadviser.com/issues/2022/feb/reporting-aspects-sec-743b-adjustments.html#:~:text=74....

[George4Tacks]

https://proconnect.intuit.com/support/en-us/help-article/form-1065-schedule-k-1/understanding-partne...

[BRVA_PREPARER]

When there is a net negative 743(b) adjustment, 11V cannot be implemented by adjusting within the 199A section.  You have to go to "less common scenarios" and enter the amount as a negative in part I of that form.  If the 743(b) adjustment is a net positive, the same block is used to enter the amount as a positive number. 

[hpostal]

Can anybody clarify how (where) in Proconnect do I input the 743(b)-adjustment reported by partner K-1 into ProConnect 2022 1040?

Your reply or direction would be appreciated.

Howard Postal

Section 743(b) Reporting

FAQ 4. Q. What are some examples of how the partnership should report section 743(b) adjustments for

purposes of lines 11 and 13 of Schedule K-1 (Form 1065)?

To enter box 13, codes T, U, and V suggest ProConnect 1065 K-1, Lines 11-20, Line 13 - Other Deductions subsection, scroll down to the "All Domestic Production Activities Information" subsection. None of the above applies to 13V 743(b) reporting.

Input NOTE for (13V) NOTE: Section 743(b) negative adjustments. The partnership will use this code to report the net negative income adjustment resulting from all section 743(b) basis adjustments. You may need to adjust your basis by this amount.

2022 1065 K-1 page 13 states Code V. Section 743(b) negative income adjustments.

The partnership will use this code to report the net negative income

adjustment resulting from all section 743(b) basis adjustments. The

partnership will provide your section 743(b) adjustment net of cost

recovery at year end by asset grouping in box 20, code U.

(20U) NOTE: Section 743(b) basis adjustment. The partnership will provide your section 743(b) adjustment, net of cost recovery, by asset grouping. See IRS.gov/forms-pubs/clarifications-for-disregardedentity-reporting-and-section-743b-reporting for more information.