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Entering partnership Schedule K-1, Box 19B in Lacerte

by Intuit• Updated 4 days ago

If there's a distribution in excess of basis, Lacerte doesn't automatically compute the gain. The gain on distribution in excess of basis must be entered directly.

Per Code B - Distribution subject to section 737: The partnership will attach a statement that provides the information the partner needs to compute the recognized gain under section 737; the partnership is required to provide the following information:

  • Fair market value of the distributed property
  • Amount of money received in the distribution
  • Net precontribution gain of the partner

To enter gain on distributions:

  1. Complete the Computation of Section 737 Gain worksheet provided in the partner's instructions for Schedule K-1.
  2. The gain from the worksheet must be entered in Screen 17.1, Dispositions.
Lacerte Tax

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