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R. Klein, EA, Enrolled Agent
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Can you tell me where to report a partnership K-1 line item

Resolved Question:

Can you tell me where to report a partnership K-1 line item 11 F other income loss (is is a loss) on the Form 1040....detail says it is a Section 704 adjustment
Submitted: 4 years ago.
Category: Tax
Expert:  R. Klein, EA replied 4 years ago.

Randalltax :

A section 704 is a partner's distirbutive share adjustment.

Randalltax :

Assuming you are NOT a financial institution AND this was from an adjustment to Fannie Mae or Freddie Mac investments, you report this on Line 5 or LIne 12 of Schedule D (Depending on long term or short term)

Randalltax :

If this is a recovery of a "tax benefit", the item goes on Form 1040 Line 21

Randalltax :

There are about 10 other possibilities. You should check the instructions to the K-1 found on the IRS website, here:

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