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Reporting partnership portfolio income in the Individual module of ProConnect Tax

by Intuit Updated 3 months ago

While ProConnect Tax has an input field for Line 1A, this will appear as "Other Portfolio Income" on the Schedule E. In some cases you may wish to report it separately from the K-1, or with a different description.

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.

Follow these steps to report the amount on Schedule 1:

  1. From the Input Return tab, go to Income SS Benefits, Alimony, Miscellaneous Income.
  2. Scroll down to the Alimony and Other Income section.
  3. Select the Other income (Click on button to expand) box.
  4. Enter the Description and Amount.
  5. Click OK.

Follow these steps to report the amount with a different description on Schedule E:

  1. From the Input Return tab, go to Income  Passthrough K-1's  Partnership Info (1065 K-1).
  2. Across the top, select the Less Common Scenarios tab.
  3. Scroll down to the Separately Stated Income and Deductions section.
  4. Locate the First Passive Item subsection.
  5. Click on the Other (Click on button to expand).
  6. Enter the Description and Amount.
  7. Click OK.


If the partnership has a residual interest in a Real Estate Mortgage Investment Conduit (REMIC), you need to report the other portfolio income amounts according to the Partner's Instructions for Schedule K-1.

Follow these steps to report the amounts for partnerships with residual interest in REMIC:

  1. From the Input Return tab, go to Income Passthrough K-1's  REMIC Information.
  2. Under R/E Mortgage Investment Conduit, enter the Name of REMIC.
  3. Enter the Employer identification number.
  4. Go to the Income tab.
  5. Locate the Schedule Q Information (Residual Interests Only) section.
  6. Complete all applicable information under the 1st Quarter2nd Quarter3rd Quarter, and 4th Quarter subsections:
    • Taxable income (net loss) (1b)
      • This flows to Schedule E, line 38, column (d).
    • Excess inclusion (2c)
      • This flows to Schedule E, line 38, column (c).
    • Section 212 expenses (3b)
      • This flows to Schedule E, line 38, column (e).
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