PTO uses the following info to compute the basis, and the info comes from the K-1 input field. If you provides the info correctly, it will compute basis. You can verify the software computation with what you would do in pencil and paper. Adjusted basis at beginning of yearAdditional amounts invested in current yearCurrent year distributions of moneyCurrent year distribution of propertyChange in partner's share of liabilitiesOther tax-exempt incomeCurrent year income from partnershipAdjusted basis used for basis limitationLoss allowed by basis limitationAdjusted basis at end of yearYou put a summary of your question in the title, for example, "How do I compute form 1041 K1 basis?" in the subject and the details in the message body, just as in a email message, not the entire question in the title. When someone answered your question correctly, please mark it as the answer. Thanks.

Level 2

Question

Form 1041, Passthrough K1 input for "basis computation required for S corporation K-1" Triggered this field but I don't see basis computed or place to change it. Help plz

Forum|Forum|4 years ago
August 20, 2021
1 reply
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ProConnect Tax

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puravidapto

Level 7

PTO uses the following info to compute the basis, and the info comes from the K-1 input field. If you provides the info correctly, it will compute basis. You can verify the software computation with what you would do in pencil and paper.

Adjusted basis at beginning of year
Additional amounts invested in current year
Current year distributions of money
Current year distribution of property
Change in partner's share of liabilities
Other tax-exempt income
Current year income from partnership
Adjusted basis used for basis limitation
Loss allowed by basis limitation
Adjusted basis at end of year

You put a summary of your question in the title, for example, "How do I compute form 1041 K1 basis?" in the subject and the details in the message body, just as in a email message, not the entire question in the title. When someone answered your question correctly, please mark it as the answer. Thanks.

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C

candice-tysonaccAuthor

Level 2

Yes, however I don't see any input fields for beginning adjusted basis for form 1041. I've seen it for 1040, 1065 and 1120s, just not for 1041. I can't find it. Do you know what input category it's under? Navigation please.

Thank you.

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