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MequonCPA, Certified Public Accountant (CPA)
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Should line 14 c have information for limited partners My

Resolved Question:

Should line 14 c have information for limited partners? My software puts data in for limited partners as well--just 14c

My client wants to know why line 14c has data on it for the limited partners who have no se income. There is no data for 14a which is as it should be.
Submitted: 4 years ago.
Category: Tax
Expert:  MequonCPA replied 4 years ago.
Chat Conversation Started
Steven Meyerson, CPA :

I can't help you with the nuances of your software, but Line 14c is informational only. It is providing factual information. Without an entry on line 14a there is no SE income.

Customer :

Have you ever seen an entry on 14c for all the partners when some of the partners have se income and therefor entries on 14a and 4c?

Customer :

It seems to me that if the IRS does not require that info for the limited partners I will override it. I just wanted to make sure that I am not incorrect in taking it off. Do you know of an IRS requirement?

Customer :

I am happy to pay you for your response but please reply to the above.

Steven Meyerson, CPA :

I just looked at my software (ProSeries) and line 14c is blank for passive partners.

Customer :

Mine is ultratax. but good to know that yours is blank. I am going to override. thanks

Customer :

is there a way to get to you through "just answer" if/when I have future questions?

Steven Meyerson, CPA :

Should be OK as it is irrelavent for them anyway. I'm switching to UltraTax for 2010, thanks for the heads up.

Steven Meyerson, CPA :

You can request a specific expert when you ask questions.

Customer :

Thanks again. If you get your ultratax to do it differently let me know.

MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2328
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
MequonCPA and 8 other Tax Specialists are ready to help you
Expert:  MequonCPA replied 4 years ago.

Dear nykkodqw -

 

Per the instructions for line 14c in UltraTax, the line is calculated using the partner/member income allocation percentage. It also states:

 

.. . .Some individual partners need this amount to figure net earnings from self -employment under the nonfarm optional method . . .

 

f/y/i - I went on the cs.thomsonreuters.com ARNE forums. The question was asked once, but there was no reply.

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