In my software line 20W of K1 does not carry anywhere automatically. Every reference I can find in TTB is to calculating the recapture amount and I must be missing the instructions as to where it goes on the return. Can anyone enlighten me? Line 21 of 1040 should reach the correct bottom line but that seems appallingly unprofessional. Help!
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20 W
Well, 20 W is about as miscellaneous as you can get, an item the original return did not classify. I think you might have to use line 21 unless you determine your 20 W is purely informational and already included in an earlier $ amount.... Label line 21 something like Recapture Amount to make it sound less unprofessional. -
Erchess
What does your software help line say about this issue?Comment
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Per K-1 1065 instructions:
"7. Any other information you may need
to file your return not shown elsewhere on
Schedule K-1."
So form instructions include a catch-all for just about everything that doesn't fit elsewhere on the K-1 in 20W. Software can't carry it anywhere because it has no idea what it is. What kind of partnership would report something in 20W without including in the letter to taxpayer what they're reporting? That's just pure evil.Last edited by David1980; 04-13-2008, 07:04 PM.Comment
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Ok
So it is not depreciation recapture - not sure where I got the idea that the instructions labeled it that. The exact amount on 20W is also on 16 I and the instructions told me to put it on 1116 so I did. Can I ignore the fact that it is on 20W?
Chief to the best of my knowledge TRX Pro does not have help other than a staff of people I can phone but not on Sunday nights.
Another Question - I have an amount on 19A of the same K1 and again I am not sure what to do with it. In addition to TRX I have a defective version of Ultratax. (They are sending me a disk and an hour's worth of instructions to follow but until I do that I can enter data but I should not file or comment to clients about their numbers.) Anyway the only use Ultratax is currently making of this number on 19A is in the basis calculation which is a feature TRX does not have. This particular K1 does not have any items of loss so I am not overly concerned about basis. Can I ignore the amount on 19A?Comment
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19a could end up being reported on a 6198 as a decrease of basis. Are there amounts not at risk?Comment
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No amounts not at risk
But of course we have to keep an eye on basis because if there should be losses any that exceed basis have to wait to be used until there is more basis. Would I need 6198 when no amount is at risk?
?Last edited by erchess; 04-13-2008, 11:35 PM.Comment
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