Form 1065 top of page 5 is reporting net loss under limited partners for partners that are general and active partners? They are properly marked as general partners in partner info (screen 7) Can someone please help on this?

Forum|Forum|4 years ago
August 26, 2021
2 replies
24 views

I have a partnership return with 2 General partners and one active limited partner and one passive limited partner. They are properly marked in screen 7 Partner info but in Form 1065 page 5 at the top Analysis of Net Income (Loss) the losses are all going to limited partners. This is incorrect but I can't figure out how to correct this. Please someone help me!

Thanks,

Shelley

Lacerte Tax

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George4Tacks

Level 15

What are your percentages in Screen 8? (Note all entered as whole numbers 1% is 1 and 90% is 90)

Answers are easy. Questions are hard!

S

Shelley11Author

Level 3

They all add up to 100% I have been doing returns for 10+ years.The general partners portion of net loss in this case should populate on 2b not on line 2a.

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Shelley11Author

Level 3

Sorry I said it backwards--it should populate on 2a NOT on 2b where it is currently.

PhoebeRoberts

Intuit Community Champion

What type of entity do you have in Screen 1 Miscellaneous Info? If Limited Liability Company, the presentation you describe is the one consistent with the 1065 instructions.

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kgudgel

Level 4

Thank you for pointing this out!

I had the same issue on a 2021 return in ProSeries. Even though this is a Lacerte discussion it answered my question!!!

(And like the original poster, last year was the first time I did this partnership and they had profit last year, so not as big of a difference. But with the loss this year, I needed to investigate.)

A

Anonymous

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