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K-1 Partnership
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CardsCat
Level 2
04-17-2023
04:22 PM
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Hey all,
For the first time, I have a client who is part of a Partnership for the first time. This Partnership has Gross Receipts for Section 448(c) in the current tax year, greater than $5 million. Her share of the Partnership's current year receipts is $44,721. This isn't acually on the K-1 but on the K-1 supporting schedules. I don't quite understand the aggregate information for the previous 3 years. The Partnership has nothing listed for their gross receipts for the previous years and I read it should be on supplemental income if their receipts were greater in the 3 previous years. My question for more experienced preparers because Intuit does not provide support certain entries on the K-1 line 20, where does her share of gross receipts for sect.448(c) flow to and if receipts for partnership don't exceed limit, do they go on return at all. Also this K-1 has 14 states. Thank you for any and all help because I need it... and pretty fast, too!
Cathy
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