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Entering Schedule K-1 distributions from box 19, code A in Lacerte

by Lacerte Tax 2023 Updated 5 months ago

This article will help you enter a Schedule K-1 distribution for box 19, A on a partnership or fiduciary return in Lacerte.

If your client is a partnership or S-corporation that got K-1 distributions from another business and wants to pass those distributions on to their respective partners or shareholders, see here instead.

How to manually track K-1 distributions

There's no specific input for K-1 distributions in the partnership and fiduciary modules.

Lacerte also doesn't can't track basis or at-risk limitations of Passthrough K-1s in the fiduciary module.

So, the basis—including Line 19, Distributions—should be tracked manually on Screen 51, Notes.

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

To be reported and taxed on the partnership/fiduciary level:

  1. Go to Screen 25, Passthrough K-1's.
  2. Scroll to Other Income and Deductions - Passive (11F) (13W), or Other Income and Deductions - Nonpassive (11F) (13W).
  3. Under the Federal column, enter the amount of distributions in the Other (Ctrl+E) field.

To be reported and taxed on the individual level:

  1. Go to Screen 46, Schedule K-1 / Grantor Other Info.
  2. Enter the amount in total in the All Bene / Gtr input, or enter a specific amount allocated to each beneficiary by selecting each beneficiary listed. 
Lacerte Tax

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