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Level 5

K1 Box 11 Code I Other Income

I have Code I Other Income from a K1 which TT does not direct to a schedule.  In the past, this used to be entered as Other Income on the 1040, but I have received some input that it must be entered on Schedule E.  Which is correct and why won't TT handle it properly.

5 Replies
Level 20

K1 Box 11 Code I Other Income

Assuming this is a 1065 K-1 (and it does matter) then we need quite a lot more details to be of any help. Amounts with code I are other items of income, gain, or loss not included in boxes 1 through 10 or reported in box 11 using codes A through H. The partnership should give you a description and the amount of your share for each of these items. Please see https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf page 9 first column, "Code I, Other Income (Loss)"

Generally, if the absolute only thing reported on the K-1 is income derived from rental property, it should all be reported as such in box 2 and/or 3 of a 1065-K-1. For example, if the tenant was late paying the rent and incurred a late payment fee, that fee is included as rent for that rental period and included in the amount in box 2.

 

Level 5

K1 Box 11 Code I Other Income

Many thank.  Yes, this is a 1065 K1 for a Private Equity Limited Partnership (non-real estate) of which I am a passive partner.  The other income in question is as follows:

 

Bond amortization - $2023

Mgt. Fee Rebate - $527

Net Section 988 Gain - $64

Other Income from Pass through entities - $237

Total - $2851

 

Let me know if that helps give you enough to give me some further insight.


Thanks

Level 5

K1 Box 11 Code I Other Income

BTW - I also have Code H Sub-part F income in Box 11 that I would also like help on relative to where it should go on the 1040.

Level 10

K1 Box 11 Code I Other Income

Section 951A income. Report your section 951A income on Schedule 1 (Form 1040), line 21, or the comparable line of your income tax return. 

Level 3

K1 Box 11 Code I Other Income

I have received information that says I should enter Other Income from my K1 box 11 code I into Schedule D, line 5, col. H.  I don't know how to manually enter them :(.  Any help is appreciated!