topic Form 1065 - Sch M1 in Get your taxes done using TurboTax

Form 1065 - Sch M1

kgraghu — Fri, 03 Mar 2023 16:51:13 GMT

How to enter Unrealized Loss in Form 1065 / Sch M1?

Last year CPA entered this data in 4b of M1 (travel and entertainment) and attached a statement. How to attach a statement in Turbo Tax? Is there another field I can enter this data?

Re: Form 1065 - Sch M1

Anonymous_ — Fri, 03 Mar 2023 17:07:08 GMT

Enter your figures in the section shown below. If you need to attach a statement, you will have to print and mail your return.

Re: Form 1065 - Sch M1

Mike9241 — Fri, 03 Mar 2023 17:22:32 GMT

the post is confusing. unrealized loss is generally not reported on a 1065. line 4b is for the portion of travel and entertainment expenses that are not deductible. non-deductible and unrealized are two different things.

an unrealized loss would not go on 4b even if it was reported.

Line 4b. Travel and
Entertainment
Include the following on this line.
• Entertainment expenses, including
entertainment-related meals and facilities,
not deductible under section 274(a).
• Non-entertainment-related meal
expenses not deductible under section
274(n).
• The part of business gifts over $25. See
section 274(b).
• Expenses of an individual allocable to
conventions on cruise ships over $2,000.
See section 274(h)(2).
• Employee achievement awards of
nontangible property or tangible property
over $400 ($1,600 if part of a qualified plan).
See section 274(j).
• The part of the cost of luxury water travel
expenses not deductible under section
274(m). See section 274(m)(1)(A).
• Expenses for travel as a form of
education. See section 274(m)(2).
• Nondeductible club dues. See section
274(a)(3).
• Qualified transportation fringes under
section 274(a)(4).
• Transportation and commuting expenses
under section 274(l).
• Other nondeductible travel and
entertainment expenses.

Re: Form 1065 - Sch M1

kgraghu — Fri, 03 Mar 2023 17:34:54 GMT

Thanks! You are right, 4b is not a right place but CPA used it with a statement. The #1 field in M1 is "Net income per books" that includes Unrealized Gain/Loss too. If I don't adjust it, it will come as differences...