Intuit HelpIntuit
Entering Schedule K-1 distributions from box 19, code A in ProConnect Tax
by Intuit• Updated 1 month ago
This article will help you enter a Schedule K-1 distribution for box 19, A on a partnership or fiduciary return.
How to manually track K-1 distributions
There's no specific input for K-1 distributions in the partnership and fiduciary modules.
ProConnect also doesn't can't track basis or at-risk limitations of Passthrough K-1s in the fiduciary module.
Basis Limitation worksheet:
Adjusted basis at beginning of year
- Plus additional amounts invested in current year
- Less current year distributions of money/property
- Plus/Minus change in partner's share of liabilities
- Plus/Minus current year income from partnership
- Equals adjusted basis used for basis limitation
- Minus the loss allowed by basis limitation
- Equals basis at end of year
Optional input for entering passthrough K-1 distributions
Optional input for entering passthrough K-1 distributions
To be reported and taxed on the partnership/fiduciary level:
- Go to Input Return ⮕ Schedule K ⮕ Passthrough K-1's
- For Other Income select the Lines 1-11 tab and scroll down to Other income (loss) (11) (Click on button to expand) and use Code F
- For Other Deductions select the Lines 12-19 tab and scroll down to Other deductions (Click to expand) and use Code W.
- Under the Federal column.
To be reported and taxed on the individual level:
- Go to Input Return ⮕ Sch K-1 ⮕ Sch. K-1 /Grantor Other Inf ⮕ Federal.
- Go to Screen 46, Schedule K-1 / Grantor Other Info.
- Enter the amounts under Other Information Sch. K-1, Line 14 Grantor Letter