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How do I report partnership Schedule K-1 box 13 code W on an individual return Form 1040 in ProConnect Tax Online?

nmms
Level 3

How do I report partnership Schedule K-1 box 13 code W on an individual return Form 1040 in ProConnect Tax Online? See attached photo of Schedule K-1 (Form 1065) Part III.

The general instructions with this Schedule K-1 says:

Line 13w Other deductions - Trader expenses. For individuals, combine the values from lines 11i and 13w to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k)

 

Scan schedule k1 f1065 usl part III.jpg

 

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7 Replies 7
Terry53029
Level 11
Level 11

Her is link for IRS instructions:

https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf

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nmms
Level 3

I've read the IRS instructions. The IRS instructions don't tell me where/how to input partnership Schedule K-1 box 13 code W on an individual return in ProConnect Tax. 

The Intuit Accountant's Community Help Articles tells how to do it in Lacerte, but I have not found anything telling how to do it in ProConnect Tax. This is the link for Lacerte:   https://proconnect.intuit.com/community/schedule-k-1/help/reporting-partnership-schedule-k-1-line-13... 

Intuit Help Article for ProConnect Tax Partnership K-1 Input Box 13 has no help for code WThis is the link for ProConnect Tax:  https://proconnect.intuit.com/community/schedule-k-1/help/partnership-k-1-input-box-13/00/4779 

 

Terry53029
Level 11
Level 11

You need to ask the partnership what it is for, as it could be for a whole host of stuff. I wouldn't lose a lot of sleep over 8 bucks

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nmms
Level 3

The partnership general instructions with this Schedule K-1 says:

Line 13w Other deductions - Trader expenses. For individuals, combine the values from lines 11i and 13w to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k)

For this taxpayer, yes it is only $8, but if it were $800 ProConnect Tax does not have instructions for handling this whereas Lacerte has detailed instructions.

skywire
Level 1

"For individuals, combine the values from lines 11i and 13w to determine whether you have a nonpassive income or loss." wins the prize for grammatically correct but uncommunicative sentence of the year. What does "combine" mean -- "add"? How does the result "determine whether you have a nonpassive income or loss"? I'll take a guess: if the sum of 11i and 13w is nonzero, you have a nonpassive loss or income to report on Schedule E, Line 28, (i) or (k), respectively. Am I right, or not?

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nmms
Level 3

Combine the values from lines 11i and 13w is clear to me if you also know that the partnership Schedule K-1 general instructions provided state:

Line 11i    Other income - For individuals, combine the values from lines 11 i and 13w to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k).

Line 13w  Other deductions - Trader expenses. For individuals, combine the values from lines 11i and 13w to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k).

In my individual's case, when you combine zero income from line 11i and a deduction/expense of 8 from line 13w, the result is a nonpassive loss of 8 that should be reported on Schedule E, Line 28 (i). Screenshot schedule e part II.jpg

 

My question is not how to determine what should be reported, but how do I enter the information in ProConnect Tax so that it is reported correctly. I found instructions on how to do this in Lacerte, but I cannot find any instructions on how to do this in ProConnect Tax.

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drizzle
Level 1

I am also looking for this info in Proconnect

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