Intuit HelpIntuit
Entering partnership Schedule K-1, Box 19B in ProConnect Tax
by Intuit• Updated 3 months ago
For more Schedule K-1 resources, check out our Tax topics page for Schedule K-1 where you'll find answers to the most commonly asked questions.
If there's a distribution in excess of basis, ProConnect 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:
- Complete the Computation of Section 737 Gain worksheet provided in the partner's instructions for Schedule K-1.
- The gain from the worksheet must be entered by going from the Input Return tab to Income ⮕ Dispositions.
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- Entering partnership Schedule K-1, Box 19B in Lacerteby Intuit•10• Updated September 11, 2024
- Entering partnership Schedule K/K-1 - Other deductions and Other income (loss) in ProConnectby Intuit•3• Updated February 15, 2024
- How to enter self-employment income for a partnership K-1 in ProConnect Taxby Intuit• Updated over 1 year ago
- Entering the Partners Schedule K-1 in the individual return in ProSeriesby Intuit•69• Updated September 13, 2024