partnerships

Forum|Forum|6 years ago
July 11, 2020
2 replies
23 views

Where do I input each Partner's Share of Net Unrecognized Section 704(c) Gain (Line N of the K-1)

Lacerte Tax

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I

Intuit_Al

Level 6

If entering on the Partnership return, you can input in Screen 22 Schedule K Items under Other Information. This amount can then be specially allocated in Screen 29 under Other (Sch K-1, Box 20).

For information about entering in the Individual Return, please see the following article:

https://proconnect.intuit.com/community/schedule-k-1/help/entering-partnership-schedule-k-1-line-box-20-in-the-individual/00/3686

L

ldelrosario

Level 3

In Other Sch. K Items, Other Information, subsection "Net Unrecognized Section 704c Gain/Loss Item N). Enter the beginning and ending amounts. The program will report the partner's share of these amounts on Sch K-1, item N according to the partner's percentage. You may specially allocate this item to each partner if needed by going to the Allocations screen, under "Other (Sch K-1, Box 20) folder. Expand that folder and select Net Unrecog. Sec 704(c) Gain/Loss.

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