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 incomeadjustment 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.