Schedule K-1

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  • tsuewalker
    Member
    • Feb 2013
    • 88

    #1

    Schedule K-1

    Client has a K-1 that shows a loss in box of -857. There is an amt of 500 in box 19a. Where does this amount go, if anywhere?

    Thanks for your help in advance.
  • ATSMAN
    Senior Member
    • Jul 2013
    • 2415

    #2
    Without checking my cheat sheet I believe box 19 figures are for basis adjustment and does not directly impact the income or loss on 1040.
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

    Comment

    • taxea
      Senior Member
      • Nov 2005
      • 4292

      #3
      Originally posted by tsuewalker
      Client has a K-1 that shows a loss in box of -857. There is an amt of 500 in box 19a. Where does this amount go, if anywhere?

      Thanks for your help in advance.
      what line is the -857 on?
      Believe nothing you have not personally researched and verified.

      Comment

      • kathyc2
        Senior Member
        • Feb 2015
        • 1947

        #4
        Originally posted by tsuewalker
        Client has a K-1 that shows a loss in box of -857. There is an amt of 500 in box 19a. Where does this amount go, if anywhere?

        Thanks for your help in advance.
        It's the amount of the distribution. It may not show anywhere on current year return if it does not exceed basis, but is needed to track basis.

        Comment

        • Uncle Sam
          Senior Member
          • Jul 2006
          • 1462

          #5
          K-1

          Is this a K-1 for a partnership or S Corp?
          Uncle Sam, CPA, EA. ARA, NTPI Fellow

          Comment

          • spanel
            Senior Member
            • Oct 2008
            • 845

            #6
            Are you asking where to put k1 in general?

            Comment

            • tsuewalker
              Member
              • Feb 2013
              • 88

              #7
              K-1

              Line #1 on the K-1.

              Comment

              • tsuewalker
                Member
                • Feb 2013
                • 88

                #8
                No, I know where they go. It's just that my software has no line to put the distribution of $500 on 19A. Does it go anywhere else?

                Comment

                • tsuewalker
                  Member
                  • Feb 2013
                  • 88

                  #9
                  Thanks. I thought so but I just wanted to make absolutely sure.

                  Comment

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