K-1's, does your tax software do this?

[AZ-Tax]

When a P'ship has "ordinary loss or income" Part 3 line 1 and also has "net rental real estate" income or loss Part 3 line 2, it needs to generate a K-1 for each on the same partner. I have ProSeries software.

[Burke]

Are you sure? Not sure I have ever had one with both, come to think of it, but why would it need to generate two if that were the case? They are treated differently depending on what line it is.

[taxea]

AZ Tax I sent you a private message. Don't you check your messages?

[Gretel]

When a P'ship has "ordinary loss or income" Part 3 line 1 and also has "net rental real estate" income or loss Part 3 line 2, it needs to generate a K-1 for each on the same partner. I have ProSeries software.

Yes, this is the only way ProSeries can handle this. It hasn't changed in 11 years.

[AZ-Tax]

Thanks Gretel

PS tech support showed me that I need to manually create a new K-1 with same EIN for same partner within the 1040 for each Partner. Is that what you do Gretel?

[jimmcg]

Yes, this is the only way ProSeries can handle this. It hasn't changed in 11 years.

It's a software problem for ProSeries. Been that way for several years. Their software geeks are not astute enough to solve it.

[jeinal]

Part 3 Line 2

Line 2 comes from Form 8825. I dont have Pro Series ---maybe you have
the Form!
Joane

[jeinal]

Part 3 Line 2

Line 2 comes from Form 8825. I dont have Pro Series. Maybe you
have that form.
Joane

[Gretel]

PS tech support showed me that I need to manually create a new K-1 with same EIN for same partner within the 1040 for each Partner. Is that what you do Gretel?

Yes, it is.

[David1980]

This is common. Not just ProSeries.