K1 reconciliation

Forum|Forum|1 year ago
March 19, 2025
1 reply
6 views

My ordinary income line on the K1 reconciliation is different from the K1. Intuit says it is pulling the amounts from Form 8990, Limitations on Excess Business Interest Expense, to the Ordinary Income Line of the reconciliation. This doesn't make sense to me. I think the K1 reconciliation number be the same as the K1. All other forms show the correct amount. Would appreciate some help either correcting or at least understanding what's going on.

This topic has been closed for replies.

sjrcpa

Level 15

Is there separately stated interest on that K-1?

If not, K-1 Line 1 already includes the allowable interest expense deduction. In which case your 8990 input is wrong and/or not needed.

The more I know the more I don’t know.

E

Edwards4567Author

Level 2

The Excess Business Interest Expense is on the K1, Box 13, Code K. Proconnect is picking that number up plus prior years carryover and taking it to the Ordinary Expense line on the K1 Reconciliation. I don't think that is correct. All the software help folks could tell me was that that is how the data was "flowing". I was given a number for the tax advisors, but it is no longer valid.

sjrcpa

Level 15

Take a look at the codes for the K-1 items and the 8990.

I have a feeling you created a limitation where there shouldn't be one.

The more I know the more I don’t know.

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded