Is a "Mock K-1" entered like a regualar K-1?

[8256931]

I have received a "Mock K-1" from a non-US private company with which I am considered a partner.  The company is not required to, and does not, file Form 1065 with the IRS.  However, as a courtesy to US investors, the company provides a Mock K-1 with the investor's portion of the company's financial results.  Should I enter this information as I would a regular K-1?  Or does that cause a problem if the entry doesn't match to 1065 data received by the IRS? 

[Critter-3]

If you did not get a K-1 form then do not use the K-1 entry section ... instead you enter the information in the different sections of the program as needed.  For instance interest income goes in the interest section, Dividends in the dividend section, etc. 

[8256931]

Thanks for the response.

I can map some of the information easily enough.  In box 16, though, I have values for codes AA, AB, AC, and AD.  The instructions for k1065sk1 indicate these are gross receipts for the past few years, but don't provide any information about how to use these values.  Should they transfer to another form? 

[8256931]

In following your advice, I'm trying to enter a loss from box 1 on the Mock K-1 into Form 8582, Worksheet 3, box b (per instructions on www.irs.gov/instructions/i1065sk1).  I am working in forms mode, but the software is not allowing me to enter a value in this spot.  I have no override ability.  TurboTax is only pulling data from other forms, including the K-1, but not allowing direct entry.  I do have passive activity loss limitations that will require me to carry this loss over to next year, so I do need to use Form 8582 instead of entering this directly onto Schedule E.  Can anyone advise on how to enter this data on Form 8582 given the software restrictions?

[Mike9241]

in forms mode entries must be made in the appropriate worksheet, not the actual form which is an override that voids the accuracy guarantee and prevents e-filing. entries are not made directly in form 8582. they carry from other forms like K-1's, or schedule E page 1 and even certain other forms. why not enter the amounts from the mock k-1 into an actual k1 depending on the type of entity.

if the mock k-1 is because it is a foreign partnership certain other forms are required. any instructions for the k-1 should tell you

with the k-1 certain boxes need to be entered -

ID #

name

if Publicly traded partnership that box needs to be checked (these are special and nothing will flow to form 8582)

boxes G and H need to be answered

at risk question needs to be answered

then you should be able to enter the part III amounts.

[8256931]

Thanks for answering Mike9241.  The reason I am not entering my foreign partnership net loss into a K-1 is because I was advised by Critter-3 above not to.  The partnership providing the Mock K-1 also said the information was for tax preparation guidance only, and that the Mock K-1 should not be filed. Also, I wouldn't be surprised if entering a K-1 in my tax return causes problems when a related 1065 was not submitted to the IRS by the partner.  Certainly the easiest solution is to enter a K-1,and I have all the information, but that would be inaccurate.  Should I do that anyway, just because the 8582 worksheet can't be completed without a fake K-1?  That sounds problematic to me.