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Level 1
May 8, 2020
Question

Another K-1 Box 11 Code I Question

  • May 8, 2020
  • 1 reply
  • 9 views

I have the following on my K-1 and am trying to map it into TT (numbers altered): 

I go to the additional information worksheet.

 

Box 11 Code I: TOTAL OTHER INCOME (LOSS) (2,999)

 

NET SHORT-TERM CAPITAL GAIN (LOSS): 1,865 - Code I Line 3 worksheet

OTHER TRADE OR BUSINESS EXPENSES: (7,395) - Code I Line 5 worksheet??

U.S. GOVERNMENT INTEREST INCOME 1,369
OTHER INTEREST INCOME - U.S. 1,367
FOREIGN CURRENCY GAIN (LOSS) - SECTION 988 (205)

 

Thanks for the help

    1 reply

    May 8, 2020

    tt can't habdle this in the way presented so you have to change the numbers that you enter from the K-1

    increase line 5 by 1369 + 1367

    reduce line 11 by 1369 +1367 - 205

    use the line just below lline 5 to report the feederal interest income 

    report section 988 loss on schedule 1 other income as follows  - k-1 section 988 loss -205

    under code section 988 the gain or loss is treated as ordinary income