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sherndon05
New Member

I have a K-1 with items in J and L, but there are no prompts to enter this info while entering the K1.

The only items the software prompts me to enter are 1-14 and G and H.
3 Replies
Rick19744
Level 11

I have a K-1 with items in J and L, but there are no prompts to enter this info while entering the K1.

You do not need to enter this information.

  • Line J just shows you what your partnership / LLC allocation percentage is.  TT does not need this as you have the exact amounts in other boxes.
  • Line L is important to you if "tax basis" box is checked.  If this box is not checked then you need to make sure you are tracking your basis.  TT does not need this information to prepare your personal return.
*A reminder that posts in a forum such as this do not constitute tax advice.*
yuma
New Member

I have a K-1 with items in J and L, but there are no prompts to enter this info while entering the K1.

I had the same question. Here is an answer I got from an TurboTax Expert via Premier Live.

"For Line J, in short, it is not necessary to report your basis on your tax return until when you sell your share of the partnership or when the distributions from partnership exceed your basis.  Taxpayer is responsible for tracking the basis and reporting the basis when shares of partnership are sold.  That is the reason TurboTax did not ask for that information."  For more details, please refer to this IRS instruction on Schedule K-1 (Form 1065), specifically relating to Item J.  <a rel="nofollow" target="_blank" href="https://www.irs.gov/instructions/i1065sk1">https://www.irs.gov/instructions/i1065sk1</a>

For Line L, it is for partnership to track partners' internal basis.  This is not a required entry for tax payer/partner.  For more details, please see IRS instruction for Form 1065:  <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i1065.pdf">https://www.irs.gov/pub/irs-pdf/i1065.pdf</a> (Search for K-1, Item L)."
yuma
New Member

I have a K-1 with items in J and L, but there are no prompts to enter this info while entering the K1.

I had the same question. Here is an answer I got from an TurboTax Expert via Premier Live.

"For Line J, in short, it is not necessary to report your basis on your tax return until when you sell your share of the partnership or when the distributions from partnership exceed your basis.  Taxpayer is responsible for tracking the basis and reporting the basis when shares of partnership are sold.  That is the reason TurboTax did not ask for that information."  For more details, please refer to this IRS instruction on Schedule K-1 (Form 1065), specifically relating to Item J.  <a rel="nofollow" target="_blank" href="https://www.irs.gov/instructions/i1065sk1">https://www.irs.gov/instructions/i1065sk1</a>

For Line L, it is for partnership to track partners' internal basis.  This is not a required entry for tax payer/partner.  For more details, please see IRS instruction for Form 1065:  <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i1065.pdf">https://www.irs.gov/pub/irs-pdf/i1065.pdf</a> (Search for K-1, Item L)."
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