Entering Schedule K-1 distributions from box 19, code A in ProConnect

This article will help you enter a Schedule K-1 distribution for box 19, A on a partnership or fiduciary return.

How to manually track K-1 distributions

There's no specific input for K-1 distributions in the partnership and fiduciary modules.

ProConnect also doesn't can't track basis or at-risk limitations of Passthrough K-1s in the fiduciary module.

Basis Limitation worksheet:

Adjusted basis at beginning of year

• Plus additional amounts invested in current year
• Less current year distributions of money/property
• Plus/Minus change in partner's share of liabilities
• Plus/Minus current year income from partnership
• Equals adjusted basis used for basis limitation
• Minus the loss allowed by basis limitation
• Equals basis at end of year

Optional input for entering passthrough K-1 distributions

Optional input for entering passthrough K-1 distributions

To be reported and taxed on the partnership/fiduciary level:

1. Go to Input Return ⮕ Schedule K ⮕ Passthrough K-1's
2. For Other Income select the Lines 1-11 tab and scroll down to Other income (loss) (11) (Click on button to expand) and use Code F
3. For Other Deductions select the Lines 12-19 tab and scroll down to Other deductions (Click to expand) and use Code W.
4. Under the Federal column.

To be reported and taxed on the individual level:

1. Go to Input Return ⮕ Sch K-1 ⮕ Sch. K-1 /Grantor Other Inf ⮕ Federal.
2. Go to Screen 46, Schedule K-1 / Grantor Other Info.
3. Enter the amounts under Other Information Sch. K-1, Line 14 Grantor Letter