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linduca1216
Level 6
October 2, 2020
Solved

1065 K-1, Part III, Box 11 I Other income

  • October 2, 2020
  • 3 replies
  • 16 views

How do I enter Box 11-I from 1065 K-1?  Sec 988)

Just enter directly onto "Other income" on 1040?

Thanks~

 

This topic has been closed for replies.
Best answer by Terry53029

Yes, as most gains from foreign currency transactions are taxed as ordinary income 

3 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
October 2, 2020

If you use the Quickzoom button below Line 11, you'll find a list of the different types of income that can appear. Should be a page with supplemental information so you know what type of "other income" it is, you can click the yellow ? mark button, I found sec 988 in there.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    L
    linduca1216Author
    Level 6
    October 3, 2020

    Yes, but it didn't flow to any schedule... (I showed it as "other" and provide the explanation... Sec988 Gain.   

    T
    Terry53029Intuit Community ChampionAnswer
    Intuit Community Champion
    October 2, 2020

    Yes, as most gains from foreign currency transactions are taxed as ordinary income 

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