How to enter guaranteed payments correctly on k-2? No matter how I enter it, it causes the gross income to be off by that amount. The instructions are not helpful

Forum|Forum|4 years ago
May 4, 2022
1 reply
16 views

K-2 part 2 Foreign Tax Credit limitation, line5 asks for guaranteed payments. This ads up to Gross income. I've looked the instructions and it skips line 5 hah.. What am I not understanding correctly? isn't this were the guaranteed payments to each partner need to go split btw source? Am I to then include it twice under business expenses to come up with the net amount?

ProConnect Tax

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Best answer by George4Tacks

K-2 should be generated from other input. Guarantee payments are entered in Ordinary Income > Deductions > Guarantee Payments.

https://proconnect.intuit.com/community/partnership/help/generating-the-schedules-k-2-and-k-3-in-proconnect/00/197399 may help

George4TacksAnswer

Level 15

K-2 should be generated from other input. Guarantee payments are entered in Ordinary Income > Deductions > Guarantee Payments.

https://proconnect.intuit.com/community/partnership/help/generating-the-schedules-k-2-and-k-3-in-proconnect/00/197399 may help

Answers are easy. Questions are hard!

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samsedAuthor

Level 2

hmm no, I've entered it there. I'm using proconnect. Perhaps in another software it flows through automatically to the K-2 but not pro connect online : (

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samsedAuthor

Level 2

I take that back You were 100% correct 🙂 thank you

welp no, I was wrong again. I entered it there exactly, but it ads up to the income not deductions. It seems like it's supposed to do that since it's located under gross income. It's just strange

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