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Entering line 18B in the Individual module from a Passthrough Partnership K-1

by Intuit Updated 1 year ago

There is no direct input field for line 18B under Partnership Information in the Individual module.

Per the IRS instructions for Schedule K-1, line 18B:

"Code B. Other tax-exempt income. Increase the adjusted basis of your interest in the partnership by the amount shown, but do not include it in income on your tax return. The partnership will attach a statement for the amount included under code B that is exempt by reason of section 892 and describe the nature of the income."

Entering other tax exempt income (line 18B) in the Individual module:

  1. Go to Input Return.
  2. Click on Income.
  3. Select Passthrough K-1's.
  4. Go to Partnership Info (1065 K-1).
  5. Click on the Basis tab at the top of the input screen.
  6. Locate the Basis Limitation section.
  7. Enter the amount in, Other current year increases to basis.
  1. Go to Input Return Income  Passthrough K-1's  Partnership Info (1065 K-1).
  2. Click on the Basis tab.
  3. Locate the Basis Limitation section.
  4. Enter the amount in, Other current year increases to basis.
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