Can't get simple 1065 to get information to populate where it should go

Forum|Forum|6 years ago
August 20, 2020
2 replies
25 views

I have the most basic of 1065's to prepare. the partners are 50/50 and the only income is a K-1 from another partnership (rental real estate), but I am down to 2 errors

Form 1065 p4-5, line 2a Analysis of Net Income is incomplete by $2318 (yes that is the net income from the k-1 that was received), but how do it get it to show up all the places it needs to show up ?

Sch K Reconciliation Report (Lines 2 thru 19a) Total - col A does not equal amount shown on Sch K blah blah blah

There has got to be a better way for us small potatoes

Thanks for any advice you can give.

This topic has been closed for replies.

dkh

Level 15

Just want to clarify - the K-1 from the other rental real estate partnership is issued to your partnership?

Accountant-Man

Level 13

How did you enter the $2,318 from the K-1? I use the K-1 Entry Worksheet for partnerships.

IE, I have $100 ordinary income on page 1. I entered a K-1 for $2,318 real estate income.

On M-1, the total book income is $2,418. I have one corp partner and 2 individuals. On page 5 line 2b I have $806 corp and $1,612 individuals.

Don't forget, you also need entries on the Balance Sheet, assuming you use it. The original purchase of the investment, PLUS any income or LESS loss pass-throughs ($2,318 this year) less distributions if any.

** I am "Elevating with Intention!"

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