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Level 6
October 2, 2023
Question

k-1 1065 line 13v

  • October 2, 2023
  • 2 replies
  • 13 views

A tax customer has bought out his partner of a partnership return and the return has been filed final. My customer has received his k1 with 13V $146,863 as well as an increase in the partner capital account of the same amount of money.  How do I enter this on the tax return?

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2 replies

Just-Lisa-Now-
Intuit Community Champion
October 2, 2023

Most people dont have the lines and codes memorized, what does 13V represent?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
judys3Author
Level 6
October 2, 2023

Section 743(b) negative adj

Intuit Community Champion
October 2, 2023

I believe line 13V is not entered on the 1040, as it is to inform partner how much to adjust his/her basis

judys3Author
Level 6
October 2, 2023

Ok, great.  I thought that, but since the information was given I wasn't sure.