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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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K-1 Partnership
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CardsCat
Level 2
04-17-2023
04:22 PM
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Hey all,
For the first time, I have a client who is part of a Partnership for the first time. This Partnership has Gross Receipts for Section 448(c) in the current tax year, greater than $5 million. Her share of the Partnership's current year receipts is $44,721. This isn't acually on the K-1 but on the K-1 supporting schedules. I don't quite understand the aggregate information for the previous 3 years. The Partnership has nothing listed for their gross receipts for the previous years and I read it should be on supplemental income if their receipts were greater in the 3 previous years. My question for more experienced preparers because Intuit does not provide support certain entries on the K-1 line 20, where does her share of gross receipts for sect.448(c) flow to and if receipts for partnership don't exceed limit, do they go on return at all. Also this K-1 has 14 states. Thank you for any and all help because I need it... and pretty fast, too!
Cathy
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