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Anonymous
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K1 - Where to Report on 1040?

Hello - I am an LP in a real estate project. I previously used a CPA, but this year, I decided to use TT and file taxes myself.

 

Question: where is K1 usually reported on 1040, i.e., which Schedules and Forms? I see that previously for 2022, CPA had K1 data in Schedule E Part II, Form 8995 (QBI Deduction), Form 8582 (Passive Activity Loss Limitations), and Schedule D.

 

Also - do I really need to fill out the AMT form, or are there certain conditions one MUST do?

 

Thank you a lot.

 

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1 Reply
ThomasM125
Expert Alumni

K1 - Where to Report on 1040?

The K-1 schedule income from a partnership would typically be reported on page II of schedule E. It may be considered qualified business income (QBI) so that is why you may see it on form 8995. Rental income is passive income so that is why it appears on Form 8582 for passive income and losses. You may have capital gains or losses reported on box 8 or 9(a), that is why it may appear on schedule D.

 

Alternative minimum tax (AMT) often comes into play when dealing with business income because you have depreciation entries and they can get treated differently for AMT purposes than for normal tax purposes. There can also be other adjustments required. There is an AMT standard deduction of $81,300 for a single filer and $126,500 for married-filing joint individuals. If your income is close to or above those amounts, you may be subject to the AMT so it would be best to complete the AMT questions in TurboTax. 

 

Also, you may have AMT carryover amounts from previous years that can result in a credit for previous year AMT tax paid. So, it may be to your advantage to enter the AMT amounts.

 

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