Question
Carried interest: and form 461
Taxpayer receives both income and carried interest on form K1. For purposes of Schedule 1, the carry is treated as capital gains. But for purposes of form 461, Limitation on Business losses, the carried interest should be treated as income on line 5. This seems impossible t do in Lacerte, where the input for 461 comes directly from Schedule 1. Anyone know a way around this? Customer service has no answers and no one seems to care, which pretty much eliminates Lacerte as a software for dealing with finance. Any other programs that might do this?
