Filling out Form 1065, Schedule K-1 in Lacerte

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.

What's new for Schedule K-1 for tax year 2023:

For tax year 2023 the IRS has added multiple new codes to the Schedule K-1. Most changes involve new codes for Other Income, Other Deductions, Other Credits and Other Information to provide additional details for when the 1040 is completed. To see the Partnership codes click here, to see the S-Corporation codes click here and scroll down to the code lists on the last pages of the instructions.

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How to fill out Form 1065, Schedule K-1, line 11F:

1. On the Detail tab, go to Screen 22, Other Schedule K Items.
2. Under the Income (Loss) section, select the Other Income (loss) (Ctrl+E) field to expand the Other Income (Loss) window.
3. Under the K-1 Code (Ctrl+T) dropdown, select F=Other income (loss).
4. Enter a Description.
5. Enter a dollar amount for Federal and/or St. if diff (-1=none), if applicable.  

Additional information:

• Entering partnership Schedule K-1 line 11 code I in an individual return