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Entering partnership K-1, Line 20 'Other' on individual returns in Lacerte

by Lacerte Tax 2022 Updated 4 months ago

Lacerte doesn't have one specific entry field for Schedule K-1, Line 20, 'Other'. The firm that prepared the partner's K-1 should have included a description of the information and instructions on how to report the information on the partner's individual return. If the firm didn't include a description or instructions, you'll need to decide where the other information should be reported.

For a full list of items that could be represented on this line, refer to Partners Instructions for Schedule K-1.

What's new for Schedule K-1 for tax year 2023:

For tax year 2023 the IRS has added multiple new codes to the Schedule K-1. Most changes involve new codes for Other Income, Other Deductions, Other Credits and Other Information to provide additional details for when the 1040 is completed. To see the Partnership codes click here, to see the S-Corporation codes click here and scroll down to the code lists on the last pages of the instructions.

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The K-1 line 20 'other' has changed letters over the years:

  • Tax year 2023: ZZ
  • Tax year 2018-2022: AH
  • Tax year 2013-2017: Z
  • Tax year 2012 and prior: Y

Some of the more common input items in Lacerte are as follows:

For tax year 2023, this is now code AW: Reportable Transactions.

  1. Go to Screen 78, Tax Shelter Statement (8886).
  2. Enter all applicable information as reported on the Schedule K-1 to complete Form 8886.

For tax year 2023, this is now code AI: Interest and tax on deferred compnesation to partners.

  1. Go to Screen 45, Other Taxes.
  2. Select Schedule J, Recapture, Other Taxes from the left Taxes menu.
  3. Select Other Taxes from the lower-left sections menu.
  4. Locate the field Other taxes (Ctrl+E) at the end of this screen.
  5. Use CTRL + E or select the icon, to open the input window.
  6. In the description column enter Section 409A.
  7. Enter the Amount and select OK.

For tax year 2023, this is now code AS: Qualifying advanced coal project property and qualifying gasification project property.

Starting in tax year 2023:

  1. Go to Screen 34, General Business, Vehicle and Passive Activity Credits.
  2. Select the Investment Credit (3468) section.
  3. Under the Facility section, select the facility you need to generate the credit for.
    • Use the Add button to add as many Facilities or properties as needed.
  4. Complete Part 1 for each Activity.
  5. Scroll down to the Part II and enter the required information.
  6. The credit flows from Form 3468 to Form 3800 to show on Form 1040.

You can input this information on Screen 34, General Business and Vehicle Credits of the Individual module of Lacerte. The credit flows from Form 3468 to Form 3800 to show on Form 1040.

For tax year 2022 and prior:

  1. Go to Screen 34, General Business and Vehicle Credits.
  2. Select Add from the left panel.
  3. From the left section menu choose Credits.
  4. In the Form (Ctrl+T) dropdown menu, choose Schedule E (partnership).
  5. Select an option for the Activity name or number (Ctrl+T).
  6. Scroll to the next section, Investment Credit (3468).
  7. Scroll down to the Coal Project Credit subsection.
  8. Enter the applicable amounts from the K-1 for Form 3468, lines 5a-5c in these fields:
    • Basis in integrated gasification cycle property (20%)
    • Basis in investment in coal-based generating technology property (15%)
    • Basis on investment in coal-based generation technology property (30%)

For tax year 2023, this is now code AS: Qualifying advanced coal project property and qualifying gasification project property.

Starting in tax year 2023:

  1. Go to Screen 34, General Business, Vehicle and Passive Activity Credits.
  2. Select the Investment Credit (3468) section.
  3. Under the Facility section, select the facility you need to generate the credit for.
    • Use the Add button to add as many Facilities or properties as needed.
  4. Complete Part 1 for each Activity.
  5. Scroll down to the Part II and enter the required information.
  6. The credit flows from Form 3468 to Form 3800 to show on Form 1040.

For tax year 2022 and prior:

  1. Go to Screen 34, General Business and Vehicle Credits.
  2. Select Add from the left panel.
  3. From the left section menu choose Credits.
  4. In the Form (Ctrl+T) dropdown menu, choose Schedule E (partnership).
  5. Select an option for the Activity name or number (Ctrl+T).
  6. Scroll to the next section, Investment Credit (3468).
  7. Enter the applicable amounts from the K-1 for Form 3468, lines 6a-6b in these fields:
    • Basis of property qualifying for gasification project credit, incl. CO2 sequestration (30%)
    • Basis of property qualifying for gasification project credit (20%)

Starting in tax year 2023:

  1. Go to Screen 34, General Business, Vehicle and Passive Activity Credits.
  2. Select the Investment Credit (3468) section.
  3. Under the Facility section, select the facility you need to generate the credit for.
    • Use the Add button to add as many Facilities or properties as needed.
  4. Complete Part 1 for each Activity.
  5. Scroll down to the part pertaining to this specific energy credit investment and enter the required information.
  6. The credit flows from Form 3468 to Form 3800 to show on Form 1040.

For tax year 2022 and prior:

  1. Go to Screen 34, General Business and Vehicle Credits.
  2. Select Add from the left panel.
  3. From the left section menu choose Credits.
  4. In the Form (Ctrl+T) dropdown menu, choose Schedule E (partnership).
  5. Select an option for the Activity name or number (Ctrl+T).
  6. Scroll to the next section, Investment Credit (3468).
  7. Enter the applicable amounts from the K-1 for Form 3468, line 7 in Basis of investment in advanced energy project.

For tax year 2023, this is now code AQ: Conservation reserve program payments.

  1. Go to Screen 45, Other Taxes.
  2. Select the Self-Employment Taxes (Schedule SE) section from the left Taxes menu.
  3. Scroll down to the field Conservation reserve payments not subject to SE tax.
  4. Select the icon in the input field to enter the amounts.

Related topics:

Lacerte Tax

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