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Where does the amount from a K1 Part III line 19

Customer Question
Where does the amount...

Where does the amount from a K1 Part III line 19 distribution go on the 1040? Also, do you input Part II from K1

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have a K1 from an Investment Club that I got out of. So I have a distribution to report from my K1, Part III, line 19. I use Taxslayer and can't figure out where it goes. Also, I don't know if there is a place i report Part II of the K1

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I dont think so

Submitted: 4 months ago.Category: Tax
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Answered in 5 minutes by:
3/11/2018
Tax Professional: emc011075, Tax adviser replied 4 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,893
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Which k1 do you have? 1065, 1120S or 1041?

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Customer reply replied 4 months ago
1065
Customer reply replied 4 months ago
I am using Taxslayer and when it brings up the 1065 it doesn't include line 19 for the distribution
Customer reply replied 4 months ago
Hello?
Tax Professional: emc011075, Tax adviser replied 4 months ago

Line 19 reports distributions to you in form of cash or properties. It is not reported anywhere on 1040, it is used to calculate your partnership basis.

What is your Beginning capital account on the left column under L?

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Customer reply replied 4 months ago
1304
Customer reply replied 4 months ago
The ending capital amount under L is -94.00
Tax Professional: emc011075, Tax adviser replied 4 months ago

You have negative capital account, which means you cannot claim any losses. When you sell your interest, the negative balance will become your income. Any further distributions only increase your negative capital.

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Customer reply replied 4 months ago
Here is section L
1304###-##-####-94
Customer reply replied 4 months ago
The distribution was my sale. I am not involved any longer. Do I claim the 94 as a short term capital gain? If so what form?
Tax Professional: emc011075, Tax adviser replied 4 months ago

So it is your final K1. If you use a tax software, enter all the information and the software should do it for you. It should show up on your Schedule E. Do not force it on capital gain, it is an ordinary income.

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Customer reply replied 4 months ago
this is my final K1
Customer reply replied 4 months ago
The tax software doesnt have anywhere for Section L, is it required? Also, I did put in from Section 3, lines 6a,6b,8,13,20a,20b
Tax Professional: emc011075, Tax adviser replied 4 months ago

Line 1 - 10 is line, line 13 is a deduction. Section L is not required, it shows your partnership basis calculation. The program is probably getting the info from somewhere else. Make sure you check your K1 as final. See if there's section called partnership basis/account/info. You may be able to report the distribution there.

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