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mark231
New Member

I file a1065 (LLC Partnership) using TT Business. We received a1099C & I checked that we had debt cancelled. Where do I enter so it populates our Sch K1 Box 11 Code E?

The step by step guide didn't ask me about it. I tried to enter in Other Income sections to see if it populated in Box 11 of Sch K-1 but it didn't.
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PatriciaV
Employee Tax Expert

I file a1065 (LLC Partnership) using TT Business. We received a1099C & I checked that we had debt cancelled. Where do I enter so it populates our Sch K1 Box 11 Code E?

To enter cancelation of debt income in the partnership return, go to Forms:

  1. Open Form 1065 p5-6 
  2. Go to Line 11 G
  3. Enter amount from Form 1099-C and code E will appear in the small box.
  4. This will be allocated according to ownership percentage and appear on Schedule K-1 Part III Line 11 Code E.
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