- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Page 2 (which is Part II) of the SCH E is for data from a K-1 that was issued to you by a multi-member LLC, Partnership or S-Corporation. Any and all detailed breakdown of the data on the K-1 (which ends up in PART II of your SCH E) would be on the business tax return of the business that issued you the K-1, provided the person who completed the business return and issued the K-1, entered the detailed information on that business tax return.
If the business was a multi-member LLC or Partnership, then the business would have filed a 1065 Partnership return. If it was an S-Corp, then it would have filed an 1120-S Corporate return. Detailed breakdown of income/expenses are *NOT* reported on the K-1 and can not be entered in detail anywhere on the personal tax return when you have a K-1. The K-1 only deals with the "bottom line" figures. Any detailed breakdown "MUST" be on the business tax return, and only if whoever completed that business return took the time to enter the details.