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KarenCPA-CFE
Level 2
February 25, 2022
Question

Where do you report Partnership Distributions on brokerage statement (other receipts)?

  • February 25, 2022
  • 3 replies
  • 7 views
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3 replies

dascpa
dascpa
Level 11
February 25, 2022

You don't.  Partnership distributions are a return of equity, not income.  There should also be a K-1 received from the partnership.  Be careful on this that you are not duplicating the income.  Many investment houses don't know what to do with this.  The K-1 is the "gospel", not the brokerage house info.

    K
    KarenCPA-CFEAuthor
    Level 2
    February 25, 2022

    Thank you! I will have several K-1s for this client for her W-2 job but evidently one of the K-1's is for an investment in oil and gas.

    qbteachmt
    qbteachmt
    Level 15
    February 25, 2022

    "several K-1s for this client for her W-2 job"

    Sorry, just to clarify: A partnership is paying this person via Payroll, and she is one of the partners also getting K-1?

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