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I have a question about the k-1 for a partnership. Section…

I have a question...

I have a question about the k-1 for a partnership. Section II is about the partner's information. It shows the percentage of profit, loss, and capital, as well info about the capital account. Do I input that info on the k-1 for the 1040

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Only that that the capital account incurred losses. I am doing a tax return and all the client has is a k-1. I am almost finished; I just need to know where to put section 2

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Answered in 3 minutes by:
3/13/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,276
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you out.

Part II does not flow to the 1040. Part III is the only information that you'll find on your 1040.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 4 months ago
Ok, so part II is just for informational purposes?

Yes. It just helps you track your capital account and sometimes basis if they check the box that its reporting tax basis.

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,276
Experience: Adjunct Professor
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Carter McBride and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
Ok I was just making sure
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