Report the amount from line 12 of Form 4562 allocable to a passive activity using the Instructions for Form 8582. Losses reported in box 10 may be limited. If total noncash contributions reported in this field and elsewhere exceed $500, the program reports these amounts on Form 8283. Reduce the basis of your stock by this tax. See Limitations on Losses, Deductions, and Credits, earlier. Enter the charitable noncash contributions from Schedule K-1 subject to the 50% AGI limitation. Portfolio income or loss (shown in boxes 4 through 8b and in box 10, code A) isn't subject to the passive activity limitations. For the latest information about developments related to Schedule K-1 (Form 1120-S) and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form1120S. Report this amount, subject to your applicable limitation, on Schedule A (Form 1040), line 12. 225, Farmer's Tax Guide, and Regulations section 1.263A-4 for details. Gross receipts for section 448(c). If your Partnership Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. Use these instructions to help you report the items shown on Schedule K-1 on your tax return. The corporation will provide a statement showing the allocation of the credit for production during the 4-year period beginning on the date the facility was placed in service and for production after that period. This amount will include any amounts included in income with respect to new clean renewable energy, qualified energy conservation, qualified school construction, build America, or (for bonds issued after October 3, 2008) qualified zone academy bonds. If it reports the other two types of unrecaptured gain, it will provide an attached statement that shows the amount for each type of unrecaptured section 1250 gain. Modified adjusted gross income limitation. The corporation will give you a statement that shows the information needed to recapture certain mining exploration costs (section 617). We report on line 13W with a description that states that the expense is section 212. If the credits are from more than one activity, the corporation will identify the credits from each activity on an attached statement. Report the deduction on Line 28, column h, of the Schedule E. You'll need to determine how much of the box 13, code S amount is deductible, and whether the deduction is passive or nonpassive. To report the deduction as passive: Locate the First Passive Item subsection. If you didn't materially participate in the activity, use Form 8582 to figure the amount to report on Schedule E (Form 1040), line 28, column (g). See the instructions for Form 8995 or Form 8995-A. Generally, specific limitations apply before the at-risk and passive loss limitations. If a statement is attached, see the instructions for Form 8864, line 10. Credit for small employer pension plan startup costs and auto-enrollment (Form 8881). In column (a), enter the name of the corporation and interest expense. If you materially participated in the trade or business activity, enter the interest expense in column (i). This is information that the S corporation must have to properly determine its eligibility to maintain status as a subchapter S corporation. If income is reported in box 3, report the income on Schedule E (Form 1040), line 28, column (h). The corporation should also give you (a) the name of the corporation that issued the qualified small business (QSB) stock, (b) your share of the corporation's adjusted basis and sales price of the QSB stock, and (c) the dates the QSB stock was bought and sold. Combine the expenditures (for Form 3468 reporting) from box 13, code E, and from box 17, code C. The expenditures related to rental real estate activities (box 13, code E) are reported on Schedule K-1 separately from other qualified rehabilitation expenditures (box 17, code C) because they are subject to different passive activity limitation rules. Box 13, code "W" may represent a variety of deductions and the partnership should provide details regarding the reported amounts. The program carries this amount to the cash contribution line on Schedule A. Report this amount on line 3 of Form 8844, Empowerment Zone Employment Credit, or Form 3800, Part III, line 3 (see TIP , earlier). Form 8864, Biodiesel, Renewable Diesel, or Sustainable Aviation Fuels Credit (Form 3800, Part III, line 1l). If you have net income (loss), deductions, or credits from either of the following activities, treat such amounts as nonpassive and report them as indicated in these instructions. Your share of the section 179 expense deduction (if any) passed through for the property and the corporation's tax year(s) in which the amount was passed through. Enter 1260(b) and the amount of the interest in the space to the left of line 17z. Why is that? For details, see the instructions for code J in box 12. For more information on the treatment of S corporation income, deductions, credits, and other items, see Pub. Report a loss in Part I of Form 4797. See Limitations on Losses, Deductions, and Credits, earlier. The expense deduction is limited to $10,000 ($5,000 if married filing separately) for each qualified timber property, including your share of the corporation's expense and any reforestation expenses you separately paid or incurred during the tax year. Credits that may be reported with code P include the following. ] If the S corporation is required to file Form 8990, Limitation on Business Interest Expense Under Section 163(j), it may determine it has excess taxable income. See Limitations on Losses, Deductions, and Credits, earlier. This article will assist you with understanding input codes for a partnership Schedule K-1, box 13 for an individual return on Screen 20.1 in Lacerte. The adjustment amount needs to be reported in the same manner as your K-1 income (passive or non-passive and ordinary or rental). Report this amount on Schedule 1 (Form 1040), Additional Income and Adjustments to Income, line 8o, or the comparable line of your income tax return, as an addition to any amount of global intangible low-taxed income (GILTI) under section 951A otherwise computed on Form 8992, U.S. Shareholder's Share of Current Year Income, Deductions, Credits, and Other Items, Box 2. If you materially participated in the reforestation activity, report the deduction on Schedule E (Form 1040), line 28, column (i). In the margin to the left of line 15, enter CCF and the amount of the deduction. See the instructions for Form 8995 or Form 8995-A. The basis of your stock in the corporation or the basis of your loans to the corporation if the cash or other property used to purchase the stock or make the loans was from a source (a) covered by nonrecourse indebtedness (except for certain qualified nonrecourse financing, as defined in section 465(b)(6)); (b) protected against loss by a guarantee, stop-loss agreement, or other similar arrangement; or (c) that is covered by indebtedness from a person who has an interest in the activity or from a person related to a person (except you) having such an interest, other than a creditor. If you didn't materially participate in the activity, follow the Instructions for Form 8582 to figure the interest expense you can report in column (g). Film, television, and live theatrical production expenses. Generally, you must report corporate items shown on your Schedule K-1 (and any attached statements) the same way that the corporation treated the items on its return. See the Form 3468 on which you took the original credit for other information you need to complete Form 4255. Qualified school construction bond credit. Report passive income (losses), deductions, and credits as follows. Use this amount, along with the total cost of section 179 property placed in service during the year from other sources, to complete Part I of Form 4562, Depreciation and Amortization. If the amount is already included in income, no additional entries are required. Code K. Dispositions of property with section 179 deductions. The amount of loss attributable to the commercial revitalization deduction is not required to meet the active participation requirements of the special allowance and is not subjected to the MAGI phase-out of the special allowance. Otherwise, the program reports them directly on Schedule A. Report this amount on Form 1040, line 30. Active participation is a less stringent requirement than material participation. Since this is related to a portfolio investment, it may be related to investment expenses that can be claimed as a miscellaneous itemized deduction. Qualified commercial clean vehicle credit (Form 8936-A) for vehicles acquired after 2022 . Otherwise, your deduction for this contribution is subject to a 50% AGI limitation. Most credits identified by code P will be reported on Form 3800, Part III (see TIP , earlier). If the treatment on your original or amended return is inconsistent with the corporation's treatment, or if the corporation hasn't filed a return, file Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR), with your original or amended return to identify and explain any inconsistency (or to note that a corporate return hasn't been filed). If these distributions exceed the basis of your stock, the excess is treated as capital gain from the sale or exchange of property and is reported on Form 8949 and Schedule D (Form 1040). For your protection, Schedule K-1 may show only the last four digits of your identifying number (social security number (SSN), employer identification number (EIN), or individual taxpayer identification number (ITIN)). Generally, you may be allowed a deduction of up to 20% of your net qualified business income (QBI) plus 20% of your qualified REIT dividends, also known as section 199A dividends, and qualified publicly traded partnership (PTP) income from your S corporation. For more information on recapture, see the Instructions for Form 8611, Recapture of Low-Income Housing Credit. If you take a close look at the list, it probably belongs in the category of "Miscellaneous Itemized Deductions" which, essentially, have been eliminated by tax reform (TCJA). To qualify for the section 1045 rollover: You must have held an interest in the corporation during the entire period in which the corporation held the QSB stock (more than 6 months prior to the sale), Your share of the gain eligible for the section 1045 rollover can't exceed the amount that would have been allocated to you based on your interest in the corporation at the time the QSB stock was acquired, and. If the corporation reports only unrecaptured section 1250 gain from the sale or exchange of its business assets, it will enter a dollar amount in box 8c. Box 15. The corporation will identify the type of credit and any other information you need to figure these credits from rental real estate activities (other than the low-income housing credit and qualified rehabilitation expenditures). For this calculation, the program calculates self-employment income based on the total for the return, not on a business-by-business basis. After the entry screen you will a screen asking for details of the expense. Code K Enter the deductions related to portfolio income from Schedule K-1. Generally, the deduction for your share of aggregate losses and deductions reported on Schedule K-1 is limited to the basis of your stock and loans from you to the corporation. These losses and deductions include a loss on the disposition of assets and the section 179 expense deduction. If the corporation has deductions attributable to a business activity, it will provide a statement showing the aggregate gross income or gain and the aggregate deductions from the business activity that you need to figure any excess business loss limitation. For details, see Form 8611. See, Worksheet 2. 535 for details. You participated in the activity for more than 100 hours during the tax year, and your participation in the activity for the tax year wasn't less than the participation in the activity of any other individual (including individuals who werent owners of interests in the activity) for the tax year. If a loss is reported in box 1, follow the Instructions for Form 8582 to figure how much of the loss can be reported on Schedule E (Form 1040), line 28, column (g). If this occurs, the corporation must provide the following information. You must enter noncash contributions in excess of $5,000 directly into the Form 8283 input section on Screen 26, Noncash Contributions. Low sulfur diesel fuel production credit (Form 8896). You should generally use Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, to figure your aggregate stock and debt basis. After applying the limitations on losses and deductions, report the net short-term capital gain (loss) on Schedule D (Form 1040), Capital Gains and Losses, line 5. I did contact the company that generated the K-1 (namely, PWC that does it on behalf of the broker (Robinhood) and/or MLP) and they pointed me to TT's customer support for clarification :( @tagteam- you agree with what? This list identifies the codes used on Schedule K-1 for all shareholders. Refer to thePartners instructions for Schedule K-1 for Schedule K-1 for a complete list of deductions that may be reported in Box 13 with code W. If the partnership provided details on Box 13, code W amounts, you can find additional information on codes by selecting the Frequently Asked Questions link in the Line 13 - Other Deductions section bar, or by referring to Schedule K-1 Partnership input for box 13 on Individual returns. Report a gain in Part III of Form 4797 in accordance with the instructions for line 28. See Limitations on Losses, Deductions, and Credits, earlier. The maximum special allowance that single individuals and married individuals filing a joint return can qualify for is $25,000. See, Report this amount on line 3 of Form 6478, Biofuel Producer Credit, or Form 3800, Part III, line 4c (see, Report this amount on line 3 of Form 5884, Work Opportunity Credit, or Form 3800, Part III, line 4b (see, Report this amount on line 7 of Form 8826, Disabled Access Credit, or Form 3800, Part III, line 1e (see, Report this amount on line 3 of Form 8844, Empowerment Zone Employment Credit, or Form 3800, Part III, line 3 (see, Report this amount on line 37 of Form 6765, Credit for Increasing Research Activities, or in Part III of Form 3800 (see, Report this amount on line 5 of Form 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips, or Form 3800, Part III, line 4f (see, On a statement attached to Schedule K-1, the corporation will identify the type of credit and any other information you need to figure credits other than those reported with codes A through O. See the Instructions for Form 8990 for details. The corporation will identify the type of credit and any other information you need to figure these rental credits. 526. Net Long-Term Capital Gain (Loss), Box 15. You actively participated in the corporate rental real estate activities. If you materially participated in the production activity, report the deduction on Schedule E (Form 1040), line 28, column (h). to receive guidance from our tax experts and community. Unadjusted basis immediately after acquisition (UBIA) of qualified property. The amounts reported on these lines include only the gross income (code D) from, and deductions (code E) allocable to, oil, gas, and geothermal properties included in box 1 of Schedule K-1. The corporation files a copy of Schedule K-1 with the IRS. Gain eligible for section 1045 rollover (replacement stock not purchased by the corporation). I was hoping to get some help with how / where to best enter this value in TurboTax. Please consult your tax advisor.". Otherwise, the program reports them directly on Schedule A. See Schedule K-3 to complete your Form 1116. The at-risk rules generally limit the amount of loss and other deductions that you can claim to the amount you could actually lose in the activity. Net Short-Term Capital Gain (Loss), Box 8a. Loans that a shareholder guarantees or co-signs aren't part of a shareholder's loan basis. If you didn't materially participate in the activity, follow the instructions for Form 8582 to determine the amount of interest expense you can report in column (f). See the instructions for Schedule A (Form 1040), line 16, for details. The program reports the excess amount not qualifying for deduction on Form 1040 as an itemized deduction on Schedule A. For those informational items that can't be reported as a single dollar amount, the corporation will enter an asterisk in the left column and enter STMT in the dollar amount entry space to indicate the information is provided on an attached statement. Qualified energy conservation bond credit. See Regulations sections 1.1411-1 through 1.1411-10 for more details. The self-charged interest rules don't apply to your interest in the S corporation if the corporation made an election under Regulations section 1.469-7(g) to avoid the application of these rules. The manner in which you report such interest expense depends on your use of the distributed debt proceeds. See Limitations on Losses, Deductions, and Credits, later, for more information. Excess business interest income. The corporation will provide your share of its section 951(a)(1)(A) inclusions. You may have to pay a penalty if you are required to file Form 8886 and don't do so. Portfolio income includes income (not derived in the ordinary course of a trade or business) from interest, ordinary dividends, annuities, or royalties, and gain or loss on the sale of property that produces such income or is held for investment. Renewable electricity production credit (Form 8835). If the corporation made a contribution of real property located in a registered historic district, it will report any information you will need to take a deduction. Contacting the broker for clarification? Basis is decreased (but not below zero) by (a) nondeductible expenses, and (b) the depletion deduction for any oil and gas property held by the corporation, but only to the extent your share of the property's adjusted basis exceeds that deduction. Section references are to the Internal Revenue Code unless otherwise noted. If you make this election, these items aren't treated as adjustments or tax preference items. See Form 5713 and its instructions for details. However, the corporation has reported your complete identifying number to the IRS. Amounts with this code may include the following. If the S corporation is required to file Form 8990, it may determine it has excess business interest income. Don't report this income elsewhere on Form 1040 or 1040-SR. For a shareholder that is an estate or trust, report this income to the beneficiaries, as an item of information, on Schedule K-1 (Form 1041), Beneficiarys Share of Income, Deductions, Credits, etc. Code E. Capital gain property to a 50% limit organization (30%). { Advanced manufacturing production credit (Form 7207) for production after 2022. Code E. Section 951A(a) income inclusions. See Form 7203, line 13. This article will help you determine where to enter amounts from a partnership Schedule K-1 (Form 1065), Box 13: Other deductions, for an individual return in Intuit ProConnect. The amortization periods begin with the month in which such costs were paid or incurred. Report deductions allocable to royalties on Schedule E (Form 1040), line 19. If the proceeds are used for personal purposes, the interest is generally not deductible. A personal service activity involves the performance of personal services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, consulting, or any other trade or business in which capital isn't a material income-producing factor. See Form 8949, Schedule D (Form 1040), and the related instructions for details on how to report the gain and the amount of the allowable postponed gain. Box 13, code "W" may represent a variety of deductions and the partnership should provide details regarding the reported amounts. 535 for details on how to figure your depletion deduction. Does anyone know which option to select in TurboTax to make it show up as a deduction somewhere? Generally, the income (loss) reported in box 2 is a passive activity amount for all shareholders. 64-162, 1964-1 (Part 1) C.B. Trade or business activities in which you materially participated. Qualified zone academy bond credit. @DaveF1006- thanks. If the amount is a Section 754 adjustment, verify that the amount in Box 13, code "W" has not already been included in your K-1 income (box 1 or 2). Generally, you must increase the basis of your stock by the amount shown, but don't include it in income on your tax return. Qualified investment in qualifying gasification or advanced energy property. Code N. Credit for employer social security and Medicare taxes. If box 3 is a loss, follow the Instructions for Form 8582 to figure how much of the loss can be reported on Schedule E (Form 1040), line 28, column (g). Reduce the basis of your stock (as explained earlier) by distributions, not reported on Form 1099-DIV, of property or money. Generally, the expense deduction is limited to $10,000 ($5,000 if married filing separately) for each qualified timber property, including your distributive share of the partnership's expense and any reforestation expenses you separately paid or incurred during the year. Any loss from a section 465 activity not allowed for this tax year will be treated as a deduction allocable to the activity in the next tax year. Include the tax and interest on Schedule 2 (Form 1040), line 21. If you are an individual shareholder, report this income, as an item of information, on Schedule E (Form 1040), Part V, line 42. To report Schedule K-1, Box 13, code W without having descriptions or instructions about the deductions: Go to Screen 20, Passthrough K-1's. Select Partnership Infomation from the left menu. Use Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts, to report any such interest. To determine your QBI or your qualified PTP income amounts and for information on where to report them, see the instructions for Form 8995 or Form 8995-A. However, certain elections are made by you separately on your income tax return and not by the corporation. #navigation-offset, .taxes-bar + nav.signed-in ~ #navigation-offset { Credit for employer-provided childcare facilities and services (Form 8882). If the amount was not included in your K-1 income, add a separate Schedule K-1 to your TaxAct return to make the adjustment. Code J. Look-back interestIncome forecast method. Applying the Deduction Limits in Pub. Enter the deductions related to portfolio income from Schedule K-1. You may be treated as actively participating if you participated, for example, in making management decisions or arranging for others to provide services (such as repairs) in a significant and bona fide sense. See Limitations on Losses, Deductions, and Credits, earlier. Use Schedule K-1 to report a beneficiary's share of the estate's or trust's income, credits, deductions, etc., on your Form 1040 or 1040-SR. Keep it for your records. In column (a), enter the name of the corporation and interest expense. If you materially participated in the trade or business activity, enter the interest expense in column (i). If you materially participated in the reforestation activity, report the deduction on line 28, column (h), of Schedule E (Form 1040). Basis is decreased (but not below zero) by (a) property distributions (including cash) made by the corporation reported on Schedule K-1, box 16, code D, minus (b) the amount of such distributions in excess of the basis in your stock. This amount may be different than the amount of section 179 expense you deducted for the property if your interest in the corporation has changed. Charitable contribution deductions aren't taken into account in figuring your passive activity loss for the year. If you have a passive activity loss or credit, use Form 8582, Passive Activity Loss Limitations, to figure your allowable passive losses, and Form 8582-CR, Passive Activity Credit Limitations, to figure your allowable passive credits. To qualify for the section 1045 rollover: You must have held an interest in the corporation during the entire period in which the corporation held the QSB stock (more than 6 months prior to the sale), and. There are three types of unrecaptured section 1250 gain. This amount is your share of the corporation's depletion adjustment. Your share of the eligible section 1202 gain can't exceed the amount that would have been allocated to you based on your interest in the corporation at the time the QSB stock was acquired. Report this amount on Form 8912. Schedule K-1, box 19, will be checked when a statement is attached. Report this amount, subject to the 30% AGI limitation, on Schedule A (Form 1040), line 12. Use Form 8995-A, Qualified Business Income Deduction, if you dont meet all three of these requirements. The S corporation will provide information necessary to determine if it is an eligible small business under section 38(c)(5)(A). For example, if the corporation's tax year ends in February 2023, report the amounts on your 2023 tax return. If you make the election, report the current year amortization of section 59(e) expenditures from Part VI of Form 4562 on Schedule E (Form 1040), line 28. See computation below. If the corporation has more than one activity, it will attach a statement to your Schedule K-1 that identifies each activity (trade or business activity, rental real estate activity, rental activity other than rental real estate, portfolio income) and specifies the income (loss), deductions, and credits from each activity. Code E. Qualified rehabilitation expenditures (rental real estate). Soil and water conservation expenditures and endangered species recovery expenditures. Inversion gain is also reported under code AD because your taxable income and alternative minimum taxable income can't be less than the inversion gain. 225, Farmer's Tax Guide, and Regulations section 1.263A-4. See Passive Activity Limitations , earlier, and the Instructions for Form 8582-CR for details. If the corporation made a qualified conservation contribution, it will report the FMV of the underlying property before and after the donation, the type of legal interest contributed, and a description of the conservation purpose furthered by the donation. Educational assistance benefits. The W has an asterisk after it, the related footnote of which states, "See attached statement for additional information." "https://twitter.com/taxact", Your share of the depreciation allowed or allowable (not including the section 179 expense deduction). Deductions reported in box 12 may be limited. Code C. 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