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Entering partnership Schedule K-1, Box 19 in ProConnect

SOLVEDby Intuit1Updated July 05, 2023

If there's a distribution in excess of basis, ProConnect doesn't automatically compute the gain. The gain on distribution in excess of basis must be entered directly.

Per Code C - Distribution subject to section 737: The partnership will attach a statement that provides the information the partner needs to compute the recognized gain under section 737; the partnership is required to provide the following information:

  • Fair market value of the distributed property
  • Amount of money received in the distribution
  • Net precontribution gain of the partner

To enter gain on distributions:

  1. Complete the Line 19c worksheet provided in the partner's instructions for Schedule K-1.
  2. The gain from the worksheet must be entered by going from the Input Return tab to Income  Dispositions.

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