ProConnect HelpIntuit HelpIntuit

Entering a K-1 capital gain (loss) and ordinary gain (loss) in Lacerte

SOLVEDby IntuitLacerte Tax20Updated July 13, 2022

Below are solutions to entering capital gain (loss) and ordinary gain (loss) from a passthrough partnership K-1 or a passthrough S corporation K-1 in the Individual module.

 

The capital gain (loss) flows to Schedule D, part II, line 12. The ordinary gain (loss) flows to Form 4797, part I, line 2. Details of the related disposition(s) don't flow to Form 4797.  

Follow these steps to enter a capital gain (loss) and ordinary gain (loss) from a passthrough partnership K-1:

  1. Go to Screen 20, Passthrough K-1's.
  2. Under Passthrough K-1's in the left navigation panel, select Partnership Information.
  3. Scroll down to the Part III - (Lines 1-10)- Partner's Share of Current Year Income (Loss) section.
  4. Enter the capital gain (loss) in (9a) Net long-term capital gain (loss) or (9a) Passive long-term capital gain (loss).
  5. Enter the ordinary gain (loss) in (10) Net section 1231 gain (loss) or (10) Passive net section 1231 gain (loss).

Follow these steps to enter a capital gain (loss) and ordinary gain (loss) from a passthrough S corporation K-1:

  1. Go to Screen 20, Passthrough K-1's.
  2. Under Passthrough K-1's in the left navigation panel, select S Corporation Information.
  3. Scroll down to the Part III - (Lines 1-9)- Shareholder's Share of Current Year Income (Loss) section.
  4. Enter the capital gain (loss) in (8a) Net long-term capital gain (loss) or (8a) Passive net long-term capital gain (loss).
  5. Enter the ordinary gain (loss) in (9) Net section 1231 gain (loss) or (9) Passive net section 1231 gain (loss).

Follow these steps to manually add details:

  1. Go to Screen 47, Client Notes.
  2. Select Statement under Print As from the left navigation panel.
  3. Enter a title referencing the K-1 and any necessary details.

Was this helpful?

You must sign in to vote, reply, or post
Lacerte Tax

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.

More like this