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Generating and entering partnership Schedule K-1, Box 15 in Lacerte

by Lacerte Tax 2022 Updated 3 months ago

This article will help you prepare the Schedule K-1 in the 1065 return and enter the K-1 in the individual return:

To generate partnership credit amounts in the 1065:

  1. Open the partnership return.
  2. Go to the Details tab.
  3. Go to Screen 20, Credits.
  4. Enter any credit amounts for Schedule K, Box 15 in the applicable fields.

To enter the K-1 box 15 amounts in the individual return:

  1. Open the individual return.
  2. Go to the Details tab.
  3. Go to Screen 20, Passthrough K-1's.
  4. Select Partnership Information in the Passthrough K-1's box on the side of the screen.
  5. From the Section List in the lower-left, select the Line 15 - Credits and Withholding section.
  6. Under K-1 code you'll find the most common codes from the K-1. Select the code and enter the amount. If the code is not available in the list see the next section for help entering those amounts.

For codes without input in the K-1 input screen:

Code E - Qualified rehabilitation expenditures (rental real estate)

  • The partnership will report your share of the qualified rehabilitation expenditures and other information you need to complete Form 3468 related to rental real estate activities using code E. Your share of qualified rehabilitation expenditures from property not related to rental real estate activities will be reported in Box 20, using code D.
    • If the partnership is reporting expenditures from more than one activity, the attached statement will separately identify the amount of expenditures from each activity.
    • Combine the expenditures from Box 15 Code E and Box 20 Code D when making entries in Screen 34, General Business and Vehicle Credits to complete the Form 3468.
    • The amount of qualified rehabilitation expenditures for rental real estate is reported separately because they're subject to different passive activity rules.

Code F - Other rental real estate credits

  • The partnership will identify the type of credit and any other information you need to figure these credits from rental real estate activities (other than the low-income housing credit and qualified rehabilitation expenditures). These credits may be limited by the passive activity limitations.
    • If the credits are from more than one activity, the partnership will identify the amount of credits from each activity on an attached statement.

Code G - Other rental credits

  • The partnership will identify the type of credit and any other information you need to compute these rental credits. These credits may be limited by the passive activity limitations.
    • If the credits are from more than one activity, the partnership will identify the amount of credits from each activity on an attached statement.

For additional information, refer to the instructions for Form 8582-CR, Passive Activity Credit Limitations.

Lacerte Tax

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