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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- What are 1040 input procedures to recharacterize K-1 passive activity self-charged interest income as passive activity income for 8582 reporting?
What are 1040 input procedures to recharacterize K-1 passive activity self-charged interest income as passive activity income for 8582 reporting?
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hgracely
Level 1
04-07-2022
10:45 AM
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caramturner
Level 2
09-22-2023
01:22 PM
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Has anyone answered this question? It does not appear Lacerte has correct entry on this In the Pship K-1 data entry screen Line 11, I entered the allocated self charged interest (reported on a 1099 Int). Lacerte shows this on E as "Self Charged Interest" but shows the loss on 8582 net of the self charged interest. Since it is showing as income in Sch E, pg 2, the Sch. B somehow needs to show the total and subtract the amount being picked up on E. It appears to me Lacerte is pretty difficient in this area and I cannot find any information on the data entry.
