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11545: 1040 - K1 from a 1065-B Partnership Return (Drake17 and prior)

1040 Individual Data Entry

I have a K1 from a 1065-B return. Where do I enter that in the software?

Do not use the K1P screen in the software as the lines are very different. Review the Partner's Instructions for Schedule K-1 (Form 1065-B) for assistance in entering the amounts on the K1.

Example:  The instructions state that if the amount reported in box 2 is income, report it on Schedule E (Form 1040), line 28, column (j). In the software, you may want to use the E2 screen to report the income. If the amount is a loss, however, the instructions state to report it on Schedule A (Form 1040), line 28 in Drake17 and prior. Line 28, Other Miscellaneous Deductions, is located on the A screen in the software.

Public Law 114-74, Title XI, sec. 1101(b) repealed the electing large partnership rules for partnership tax years beginning after 2017. As a result, Schedule K-1 (Form 1065-B) and its instructions will be obsolete after 2017. See the Form 1065-B Instructions for further information.

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