Intuit HelpIntuitEntering partnership Schedule K-1, Box 19B in ProConnect Tax
by Intuit• Updated 3 weeks 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.
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