I have Sec 988 Income reported on Box 11F of my K-1 (Form 1065). I was told that this should be reported as Interest Inc on Schedule B. How do I get TT to put it there?

[Rick19744 · Accepted solution]

If the K-1 interview process does not handle this, then I would just enter it directly on your Schedule B input.  Just add the narrative "From 'XYZ' K-1".

[plaudano]

Thanks.  My Box 11F is composed of Other Trade Income (put in Sched E) and this Sec 988 Income.  Do you know if TT ignores any amounts in 11F that aren't specifically directed to Sched E?  I can't find where TT put this.  I can enter it directly on Sched B, but want to make sure that I'm not double-counting income.  Do I enter this directly on the Form?  I can't find a way to enter it in the interview mode.

[Rick19744]

I would guess your K-1 is from some type of hedge fund?  These are complicated K-1's.  I am not aware of any software that can handle these as one K-1.  Usually it is necessary to set up various K-1 input forms or just enter the amount directly on the appropriate line as I recommended above.

You should not be doubling up if you only enter it directly on Schedule B and do not enter this detail during the K-1 interview process.

[plaudano]

Thanks for your help.  Yes, I work at a small hedge fund and have a small investment in it.  But only the partners get their returns prepared by a professional, so I'm stuck trying to figure it out for myself.  But at least I have access to the accountants who can tell me where to put it.