
Filling out Form 1065, Schedule K-1 in Lacerte
by Intuit•2• Updated 1 week 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.
This article will help you are working on a 1065 return and you need to enter an amount for Form 1065, Schedule K-1, line 11F.
How to fill out Form 1065, Schedule K-1, line 11F:
- On the Contents tab, go to Screen 22, Other Schedule K Items.
- Under the Income (Loss) section, select the Other Income (loss) (Ctrl+E) field to expand the Other Income (Loss) window.
- Under the K-1 Code (Ctrl+T) dropdown, select F=Other income (loss).
- Enter a Description.
- Enter a dollar amount for Federal and/or St. if diff (-1=none), if applicable.
Form 1065, Lines 1-21
- These lines will be the partners share of the items on the Schedule K-1 (Form 1065, page 5).
- If the allocation needs to be different, go to the Screen 29, Special Allocations
Partner's Capital Account Analysis
This is based on the Partner's share of the amounts on the Schedule M-2. These can be entered on Screen 28, Schedule M-2 (Capital Account).
For full walkthrough of Form 1065 in Lacerte, see here.