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Level 2
April 16, 2023
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How to calculate partner's basis worksheet from k-1 on form 1040? I can do it by hand so I guess I'm not using the correct input?

  • April 16, 2023
  • 1 reply
  • 9 views
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Best answer by George4Tacks

In the K-1 input screen look up to the listing across the top for basis. Which flavor of K-1 are you having a problem with? 

https://proconnect.intuit.com/support/en-us/help-article/form-1065-schedule-k-1/complete-form-7203-proconnect/L9pnlW1oM_US_en_US?uid=lgjwv7ze is for S-Corp, but it should help with others. 

1 reply

George4Tacks
Level 15
April 16, 2023

In the K-1 input screen look up to the listing across the top for basis. Which flavor of K-1 are you having a problem with? 

https://proconnect.intuit.com/support/en-us/help-article/form-1065-schedule-k-1/complete-form-7203-proconnect/L9pnlW1oM_US_en_US?uid=lgjwv7ze is for S-Corp, but it should help with others. 

Answers are easy. Questions are hard!
nscoggiAuthor
Level 2
April 16, 2023

Thanks for the reply.  It's a rental real estate partnership with ordinary income from the sale of an asset and passive losses from rental activities.