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Sharonrh
Level 1
April 3, 2022
Question

Distribrutions from K-1

  • April 3, 2022
  • 3 replies
  • 12 views

Where on the 1040 do I report distributions listed on line A 19 for the partner of the partnership?  Should that not be taxable incoem?

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3 replies

Accountant-Man
Accountant-Man
Level 13
April 3, 2022

If you don't understand partnership taxation, you should tell the taxpayers that you cannot help them.

Partnership distributions are generally not income.

** I'm still a champion... of the world! Even without The Lounge.
    IRonMaN
    IRonMaN
    Level 15
    April 3, 2022

    Ouch

    Slava Ukraini!
      J
      jeffmcpa2010
      Level 10
      April 3, 2022

      Your just glad he said it so you didn't have to!

        sjrcpa
        sjrcpa
        Level 15
        April 3, 2022

        Not taxable, unless the distribution are in excess of their basis in the partnership.

        The more I know the more I don’t know.
          Just-Lisa-Now-
          Just-Lisa-Now-Intuit Community Champion
          Intuit Community Champion
          April 3, 2022
          Just fill out the K-1 worksheet, it will put everything where it goes.

          Distributions are generally not taxable income, you should have other lines of the K-1 that have taxable income though.
          ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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