Schedule K-1 Form 1065 Line 20AB from a pass-through entity ? - Spidell

Schedule K-1 Form 1065 Line 20AB from a pass-through entity ?

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Message Board Schedule K-1 Form 1065 Line 20AB from a pass-through entity ?

  • This topic has 2 replies, 3 voices, and was last updated 1 week, 3 days ago by Diane White.
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    • #274801
      Anonymous
      Member

      I did post this yesterday and as it is getting deadline close I am wondering what others have done with this issue as it is new this year and the K-1’s that I have received merely state on Line 20AB an amount as section 751 gain from a pass-through entity and no further instructions.

      I did take the summer seminar with the partnership portion and in that material it only describes Line 20 AB as if the actual partnership that is receiving the income from the pass through is being filed final and nothing about an amount flowing through from a flow through entity.

      Would this amount only be recognized as ordinary income if the partnership itself were filing as final and thus not picked up at all now?

    • #275592
      Carole Dandridge
      Participant

      I was wondering if you received any further guidance regarding Line 20AB from the K-1?

    • #275608
      Diane White
      Participant

      This is from Lacerte support  – Entering Line 20 Code AB “751 gain or loss is recharacterization of gain or loss from the sale of Partnership Interest from Capital Income to Ordinary Income. If this is not accounted for elsewhere on the K-1 or in its attachments, you may need to enter the disposition information on screen 17”.

      There is a checkbox on screen 17 indicating the information is from K-1 supplemental information.

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