How do I enter K-1 Box 11, code A in TurboTax?
On the 'Enter Box 11 Info' page, I enter:
code A - Other portfolio income (loss), and the amount
Next it shows:
Enter Code A Detail
| Fill in any of the following details regarding the $6 you entered on box 11, for Code A. | | |
|
| | | | | Income or Loss from REMIC | | | Excess Inclusion from REMIC | | | Section 212 Expense from REMIC | | | Other Portfolio Income (Loss) to be Reported on Schedule E, Page 2 | | | I Have Another Description Item |
|
Under Partner Filing Instructions, my K-1 Details for 'Other Portfolio Income, Box 11, Code A:
Description: Nonpassive Rental Income
I was told (from an online TT CPA) to select the above "I have another Description Item" button, and then when TT displays "Other Description Item Below", I was told to just enter:
"Nonpassive Rental Income" and the amount in the table.
However, I just noticed that LAST year, a TT CPA told me to select the box
| | Other Portfolio Income (Loss) to be Reported on Schedule E, Page 2 |
INSTEAD of "I have another Description Item".
I noticed that by doing that, TT generates nonpassive income in Schedule E, line 32.
But, if I declare it as "I have another description item", then nothing is generated for Schedule E.
Which is the correct way and why?
