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Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
Experience:  10 + years of accounting and tax experience, financial statements and business planning
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k-1 1120s part III where do i put line 1 and line 16 code

Customer Question

k-1 1120s part III where do i put line 1 and line 16 code c and code d on my 1040 form
or do i need to do another form too and line one is a neg total and are any of these totals considered income
Submitted: 7 years ago.
Category: Tax
Expert:  Chad Oberg replied 7 years ago.



If you are using a software like Turbotax, you should be able to go to a K-1 input screen. The lines are as follows:


Line 1 Ordinary business income (loss) flows through to Schedule E page


Line 16 code c Nondeductible expenses - do not flow to the return. This is for informational purposes and basis schedules

Line 16 code d Distributions - this also is for informational purposes and does not flow to the return. However, it is used for basis schedules.


Make sure you are tracking your basis in your investment. If you are trying to do this by hand, I recommend using a software like Turbo Tax. There are many limitations and forms that are effected by this information.


If you have any further questions, please do not hesitate to contact me.