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Entering partnership Schedule K-1, Line 20, "Other" in an individual return in ProConnect Tax

by ProConnect Tax Online Updated 4 months ago

ProConnect Tax 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 ProConnect Tax are as follows:

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

  1. Under Input Return, select Miscellaneous Forms, then Tax Shelter Statement (8886) to expand the dropdown menu.
  2. From the dropdown menu, select Tax Shelter Statement (8886).
  3. Enter all applicable information as reported on the Schedule K-1 to complete Form 8886.  

For additional information on filling out the Form 8886 disclosure statement, see the here.

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

  1. Under Input Return, select Taxes, then Other Taxes to expand the dropdown menu.
  2. Select Schedule J, Recapture, Other Taxes from the dropdown menu.
  3. Scroll to the section Other Taxes.
  4. Select the input field for Other taxes (Click on button to expand).
  5. In the Description field, enter Section 409A.
  6. Enter the Amount.
  7. Select OK.

For additional information entering interest and additional tax, see the here.

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 Input Return Credits General Business and Vehicle Cr.
  2. Select the Investment Credit (3468) section.
  3. Select the Investment & Research tab.
  4. Select the facility you need to generate the credit for.
    • Use the Add button to add as many Facilities or properties as needed.
  5. Complete Part 1 for each Activity.
  6. Scroll down to the Part II and enter the required information.
  7. 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. Under Input Return, go to Credits, General Business and Vehicle Cr.
  2. Under the section General Business, Vehicle and Passive Activity Credits, enter the Name of activity (automatic if blank).
  3. Under the section Credits in the field Form (Click on arrow to select from list), select 4 = Schedule E (partnership).
  4. In Activity, select the applicable activity.
  5. Select the Investment & Research tab.Selecting the Investment & Research tab in ProConnect Tax.
  6. Under the section Investment Credit (3468), scroll to the Coal Project Credit subsection.
  7. Enter the applicable amounts from the K-1 for Form 3468, lines 5a–5c:
    • 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 additional information on entering a qualifying advanced coal project, see the here.

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 Input Return Credits General Business and Vehicle Cr.
  2. Select the Investment Credit (3468) section.
  3. Select the Investment & Research tab.
  4. Select the facility you need to generate the credit for.
    • Use the Add button to add as many Facilities or properties as needed.
  5. Complete Part 1 for each Activity.
  6. Scroll down to the Part II and enter the required information.
  7. The credit flows from Form 3468 to Form 3800 to show on Form 1040.

For tax year 2022 and prior:

  1. Under Input Return, go to Credits, General Business and Vehicle Cr.
  2. Under the section General Business, Vehicle and Passive Activity Credits, enter the Name of activity (automatic if blank).
  3. Under the section Credits in the field Form (Click on arrow to select from list), select 4 = Schedule E (partnership).
  4. In Activity, select the applicable activity.
  5. Select the Investment & Research tab.Selecting the Investment & Research tab in ProConnect Tax.
  6. Under the section Investment Credit (3468), scroll to the Coal Project Credit subsection.
  7. Enter the applicable amounts from the K-1 for Form 3468, lines 6a-6b:
    • Basis of property qualifying for gasification project credit, incl. CO2 sequestration (30%)
    • Basis of property qualifying for gasification project credit (20%)

For additional information on entering a qualifying gastrification project property, see the here.

Starting in tax year 2023:

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

For tax year 2022 and prior:

  1. Under Input Return, go to Credits, General Business and Vehicle Cr.
  2. Under the section General Business, Vehicle and Passive Activity Credits, enter the Name of activity (automatic if blank).
  3. Under the section Credits in the field Form (Click on arrow to select from list), select 4 = Schedule E (partnership).
  4. In Activity, select the applicable activity.
  5. Select the Investment & Research tab.Selecting the Investment & Research tab in ProConnect Tax.
  6. Under the section Investment Credit (3468), scroll to the Coal Project Credit subsection.
  7. Enter the applicable amounts from the K-1 for Form 3468, line 7:
    • Basis of investment in advanced energy project 

For additional information on entering a qualifying advanced energy project property, see the here.

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

  1. Under Input Return, select Taxes, then Other Taxes to expand the dropdown menu.
  2. Select Self-Employment Tax (Schedule SE).
  3. Under the section Self-Employment Tax (Schedule SE), enter the Conservation reserve payments not subject to SE tax.

For additional information on entering conservation reserve program payments, see the here.

ProConnect Tax

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