Drake Tax - 1040 - Distributions in Excess of Basis from 1065

Article #: 16510

Last Updated: October 18, 2024

 


Tags: Drake TaxK1

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A distribution reported on screen K1P, box 19 flows to the Wks K1P Detail Adj Basis, line 6. If the amount is greater than the total basis shown on line 5, the difference is reported on Form 8949 and Schedule D.

Review Form 8949, Part II. Box F is checked and the description shows as Excess Distribution with the name and EIN of the partnership listed:

Image of Form 8949 showing excess distribution.

See Publication 541 and the Tax Information for Partnerships for details.