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Reporting partnership portfolio income in the Individual module of Lacerte

by Intuit• Updated 1 year ago

Lacerte doesn't have a specific input field for Schedule K-1, line 11, code A in the Individual module. The firm that prepared the partner's K-1 should've included a description and instructions on how to report the portfolio income on the partner's individual return.

If the firm provided instructions, and the amount should be reported on Schedule 1, line 8, follow the steps below.

Follow these steps to report the amount on Schedule 1, line 8:

  1. Go to Screen 14.1, SS Benefits, Alimony, Miscellaneous Inc.
  2. Scroll down to the Alimony and Other Income section.
  3. Hold down Ctrl+E in the Other income (Ctrl+E) field.
  4. Enter the Description and Amount.
  5. Click OK.


If the firm didn't provide instructions and you'd like to report the amount on Schedule E, line 28, follow the instructions below.

Follow these steps to report the amount on Schedule E, line 28:

  1. Go to Screen 20, Passthrough K-1's.
  2. Select the partnership from the left navigation panel.
  3. Scroll down to the Separately Stated Income and Deductions section.
  4. Locate the First Passive Item subsection.
  5. Hold down Ctrl+E in the Other (Ctrl+E) field.
  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. Go to Screen 20, Passthrough K-1's.
  2. Select REMIC Information from the left navigation panel.
  3. Under R/E Mortgage Investment Conduit, enter the Name of REMIC.
  4. Enter the Employer identification number.
  5. Scroll down to the Schedule Q Information (Residual Interests Only) section.
  6. Complete all applicable information under the 1st Quarter, 2nd Quarter, 3rd 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).
Lacerte Tax

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