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Entering guaranteed payments for Form 8825, Schedule F, or Other Rental in Lacerte

by Intuit•6• Updated 1 year ago

You can enter guaranteed payments on Form 8825, Schedule F, or as Other Rental on Form 1065 in the Partnership module of Lacerte. Choose the applicable instructions below.

Follow these steps to report guaranteed payments on Form 8825:

Go to Screen 17, Rental Real Estate.
Select the Activity from the left navigation panel.
Scroll down to the Expenses section.
Hold down Ctrl+E on your keyboard in the Other expenses (Ctrl+E) field.
Enter the Description and Amount.
Click OK.
Go to Screen 22, Other Schedule K Items.
Enter the amount in Guaranteed payments [A].

Follow these steps to report guaranteed payments on Schedule F:

Go to Screen 12, Farm Income and Expenses.
Select the Activity from the left navigation panel.
Scroll down to the Farm Expenses section.
Hold down Ctrl+E on your keyboard in the Other expenses (Ctrl+E) field.
Enter the Description and Amount.
Click OK.
Go to Screen 22, Other Schedule K Items.
Enter the amount in Guaranteed payments [A].

Follow these steps to enter guaranteed payments on Form 1065, Schedule K, line 3b:

Go to Screen 18, Other Rentals.
Select the Activity from the left navigation panel.
Scroll down to the Expenses section.
Hold down Ctrl+E on your keyboard in the Other expenses (Ctrl+E) field.
Enter the Description and Amount.
Click OK.
Go to Screen 22, Other Schedule K Items.
Enter the amount in Guaranteed payments [A].

Lacerte Tax

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