59220

The following diagnostic is generating:

When a passive Passthrough K-1 activity contains more than one of the following, these items will be combined and may not be reported on the correct lines of the beneficiary's Schedule K-1: Ordinary Income, Rental Real Estate Income, Other Rental Income, Other Income and Deductions - Passive. To avoid this, these items should each be reported separately on their own Passthrough K-1 activity.

 

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abctax55
‎03-09-2024 08:09 PM
‎03-09-2024 08:09 PM

You need to create multiple K-1 for the different categories of income (ordinary, rental, etc).

Like the diag says...

Did you type that out, or does the official Lacerte diagnostic have those typos?

 

debradaz
‎03-23-2024 03:14 PM
‎03-23-2024 03:14 PM

HOW DO I CREATE MULTIPLE K-1'S FOR THE DIFFERENT CATEGORIES?

 

OldCPA
‎03-25-2024 06:16 PM
‎03-25-2024 06:16 PM

Ordinary losses get netted against rental income when it's a partnership to individual so if it's the same in a trust (I have a partnership where the owners are 50% an individual & 50% a trust)  In looking at the trust input in the individual return it's doing the exact same thing the K-1 from the partnership is doing when going directly to the partner.  It worked fine in 2021 & 2022.  This is another mess up by Lacerte for 2023.

You might try ignoring the critical diagnostic by disabling the efile error and see if you can file that way.