topic Another K-1 Box 11 Code I Question in Business & farm

Another K-1 Box 11 Code I Question

szielke — Fri, 08 May 2020 03:00:57 GMT

I have the following on my K-1 and am trying to map it into TT (numbers altered):

I go to the additional information worksheet.

Box 11 Code I: TOTAL OTHER INCOME (LOSS) (2,999)

NET SHORT-TERM CAPITAL GAIN (LOSS): 1,865 - Code I Line 3 worksheet

OTHER TRADE OR BUSINESS EXPENSES: (7,395) - Code I Line 5 worksheet??

U.S. GOVERNMENT INTEREST INCOME 1,369
OTHER INTEREST INCOME - U.S. 1,367
FOREIGN CURRENCY GAIN (LOSS) - SECTION 988 (205)

Thanks for the help

Anonymous — Fri, 08 May 2020 05:55:23 GMT

tt can't habdle this in the way presented so you have to change the numbers that you enter from the K-1

increase line 5 by 1369 + 1367

reduce line 11 by 1369 +1367 - 205

use the line just below lline 5 to report the feederal interest income

report section 988 loss on schedule 1 other income as follows - k-1 section 988 loss -205

under code section 988 the gain or loss is treated as ordinary income