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Business & farm
It is even more confusing. My K-1 Line 1 = Line 16D.
If I enter into TT the K-1 Line 16D minus $1 than my K-1 Line 1 OBI then the Schedule E Line 28e "X" goes away. Then if I go back in there and this time type in the 16D amount which is = to Line 1 OBI, the "X" does not return. So on it's surface it appears to be fine.
The K-1 Line 16D amount is = to the company K-1 Line 1 OBI .
I have never had to "X" Schedule E, Line 28e in all these years and have never filed a form 7203.
Are you suggesting that because I am pulling out the entire OBI as a distribution rather than leaving in my business bank account that I should be check marking Schedule E, Line 28e and filing form 7203 every year? The IRS has never sent me a letter regarding this so this is all new to me. Please advise.