Entering Partnership Schedule K-1 line 19a into the individual model

Forum|Forum|5 years ago
November 2, 2020
2 replies
21 views

I am new to Lacerte and cannot find exactly how to enter excess distributions reported on Schedule K-1 Form 1065 line 19a into the individual model. The best I have found is that it needs to be entered on screen 17 under dispositions. What I can't seem to figure out is how to enter it on that screen. The excess distributions should be reported under capital gains with a lower tax rate but Lacerte is not separating the amount and my client is being charged additional tax. How do I enter this so that the tax calculates correctly?

Lacerte Tax

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Best answer by abctax55

Either:

Enter specific dates (i.e when the partnership interest started) and 12/31/19 (I assume you're doing a 2019 return...) to trigger long-term treatment.

Page down a bit & look for the box to check to force long-term treatment (it's half-way down in the first section - right after 'Expenses of sale'). Code 51, if you speak batch entry.

abctax55Answer

Level 15

Either:

Enter specific dates (i.e when the partnership interest started) and 12/31/19 (I assume you're doing a 2019 return...) to trigger long-term treatment.

Page down a bit & look for the box to check to force long-term treatment (it's half-way down in the first section - right after 'Expenses of sale'). Code 51, if you speak batch entry.

HumanKind... Be Both

abctax55

Level 15

AND... since you are new to Lacerte, be sure to ask 'us' questions. Don't spin your wheels; some of us have use this software for more decades than we like to admit and are pretty good at making it jump thru various hoops.

May I ask what software you previously used?

HumanKind... Be Both

H

hinsontaxservicesAuthor

Level 2

Thank you so much for the help. It did fix my problem. I previously used UltraTax and that program automatically calculated the excess distributions so I was not used to calculating it myself.

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