Question
Entering separate passive activities from a K-1 on Lacerte 1040
I have a client with a partnership investment that has invested in 10 separate partnerships that each have losses from passive activities. I need to report the losses from the lower tier partnerships separately on the 1040's Form 8542 and am not sure how to do that.
Do I set up a separate input Form 20.1 for each activity reported by the lower tier partnerships as if it was a separate partnership on the Form 1040?
Thanks for your help.
