CFC Income/Deductions

[HapTax]

I have a Form 1065 Schedule K-1 with Part III Line 11 Code F & G Other Income and Line 13 Code X Other Deductions.  Where are these amounts properly entered in ProSeries?

Thanks in advance -

[Intuit_Devin · Accepted solution]

Sounds like you'll need to prepare Form 965, which is not included in ProSeries, to report the line 11 code G and line 13 code X items. You can get this form from irs.gov, fill it in following the instructions there, and enter the result on the "Other Income Statement" in ProSeries on line 20. The "Other Income Statement" doesn't include a specific line item for the 951A income (line 13 code F), but you can enter that on line 21e of the worksheet with "951A income" as the description.

All of this will flow to line 21 of Schedule 1 of Form 1040.