Need help k-1 partner share of income & deductions

[arlo]

New client has a K-1 Form 1065.
Have not dealt with this form before.
Not sure how to report these items. ( have read the instructions but still not sure)
Line 1 business income and Line 8 I know what to do.
Part III 13 Other Deductions Code J $1404.00 Have no idea what to do after reading instructions.
line 19 Distributions code A $1525.00
Hate to give this back to the client. If I had seen the form I would not have taken the client.
Any help would be appreciated.

[Lion]

Your software probably has a great data entry screen for K-1s. Call them if you need help with data entry in your software. Your software will have a list of items that cannot flow automatically without your manual entries.

Also, a short list of codes/instructions usually comes with a K-1, but there is a large set of instructions available that goes into great detail, even arrows to the various lines on the tax return.

[arlo]

Need help k-1 partner share of income & deductionsThanks for the reply

Thanks for the reply

[taxea]

New client has a K-1 Form 1065.
Have not dealt with this form before.
Not sure how to report these items. ( have read the instructions but still not sure)
Line 1 business income and Line 8 I know what to do.
Part III 13 Other Deductions Code J $1404.00 Have no idea what to do after reading instructions.
line 19 Distributions code A $1525.00
Hate to give this back to the client. If I had seen the form I would not have taken the client.
Any help would be appreciated.

Don't know what software you are using but switch from forms entry to whatever they call the other way to enter items and just enter every line the same as is shown on the K-1. If there is something you don't understand, click in the box, open the ? in the top menu of your screen. It will give you an explanation of that item.
Or you could search K-l in the where to enter screen. It may give you what you need. The back pages of the K-1 explain where the additional information should go (if any) and usually has the Form and line # you need if the entry on the K-1 doesn't transfer the information you have input.

[Burke]

Line 13 - Code J is for 59(e)2 expenditures. These are usually in oil & gas partnerships and has to do with drilling expenses, etc. My software will properly treat it if I code it as such on the K-1 worksheet.
Line 15 - Distributions. This is the amount of actual cash that was distributed to your client. It is used to figure basis. It does not mean that is the taxable amount of income.