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H
hgracely
Level 1
April 7, 2022
Question

What are 1040 input procedures to recharacterize K-1 passive activity self-charged interest income as passive activity income for 8582 reporting?

  • April 7, 2022
  • 1 reply
  • 6 views
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1 reply

C
caramturner
Level 2
September 22, 2023

Has anyone answered this question?  It does not appear Lacerte has correct entry on this  In the Pship K-1 data entry screen Line 11, I entered the allocated self charged interest (reported on a 1099 Int).  Lacerte shows this on E as "Self Charged Interest" but shows the loss on 8582 net of the self charged interest.  Since it is showing as income in Sch E, pg 2, the Sch. B somehow needs to show the total and subtract the amount being picked up on E.  It appears to me Lacerte is pretty difficient in this area and I cannot find any information on the data entry.  

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