How to enter K-1 Form 1065 Box 11 Code I: Other Income (Loss)?

[kwcarver]

I received a K-1 Form 1065 for a hedge fund that I invest in.  It contains instructions to make the following entries for Box 11 Code i:

Net ordinary income from  trade or business activity before dividend income (enter on schedule E, Part II, Income col. K, (loss) col. L)

Total ordinary trade or business dividends (enter on form 1040, Line 3B)

Trade or business capital gains (losses)

• Net short term capital gain (loss) (enter on schedule D, line 5, col. H)
• Net long term capital gain (loss (enter on schedule D, line 12, col. H)

My question is how do I enter this detailed information into TT as the questions when entering the K-1 information do not address this?  I found that I can override the fields on the forms, but this will not allow me to submit my electronic return.  Any help you can provide would be greatly appreciated.

[MarilynG1]

Enter your K-1 as your received it.

TurboTax will put the items reported in the proper sections; such as Schedule C, Schedule D, Schedule E, etc.

You don't need to add any Notes to your entries.

Click this link for info onHow to Enter a K-1.

[kwcarver]

Thank you for the reply Marilyn however I'm not sure your response is accurate for Box 11, Code I: Other Income.  The TT program even says under learn more:

Certain items (generally labeled "Other") on your K-1 may need to be entered in several different places in TurboTax. Consult the instructions that were included with your Schedule K-1. These should tell you the form and line where the amount should be entered, then, follow these instructions:

Enter the form number or name of item in the search field in the toolbar at the top of this screen. You will then be presented with a list of topics that address this form. Select the topic that best matches the description given in your K-1, and then let TurboTax guide you the rest of the way.

I've attempted to follow these instructions and can't figure out where to enter the items the K-1 instructs me to enter.  Any additional help would be greatly appreciated.  

[MarilynG1]

Since you are using TurboTax Desktop, you should be able to make these entries directly on the Schedule K-1 Worksheet, without using Overrides.

Here's a screenshot for the K-1 Box 11 Other Income entry.

Since we can't see your return in this forum, click this link for info on How to Get a Live Review. 

[waynecoo]

I'm having this issue as well, have an item in K1 Line 11- code I, where I enter in my net interest income, and do not see any increase in tax due.

The QuickZoom button doesn't do much other than re-stating the fields that the forms for entering information for Line 11- code I.

I'm not an expert in this, but I assume we are supposed to override Schedule D, line 5, to manually add in economics from K1 Line 11 - code I?  The program does not automatically do this, and I get concerned I'm overriding an incorrect field

[DavidS127]

Whether you enter your box 11 code i amount in the Step-by-Step interview or in Forms mode using the QuickZoom button under box 11, you get the choices shown in screenshot at the end of this post.  Entering an amount in the box 11 screen alone won't populate any other tax forms; you must make an entry on one of these supplemental lines to get the amount into your tax return.

Choose the item that matches your particular amount being reported.  For example, if you put your net interest income on the Other Non-Passive Income (Loss) to be reported on Schedule E, Page 2 line, the income will show up on Schedule E.

If you use the I Have Another Description Item line, you may have to make a manual entry (not an override) in another section of TurboTax.  For example, if you put your interest income on that line, and enter the description and amount, you would also need to enter that interest income in the Interest and Dividends section of TurboTax.

Here are the choices you get to report the box 11 code I amount reported on your K-1:

@waynecoo

[waynecoo]

Thank you DavidS127.  It looks like when you choose the option "Other Non-Passive Income (Loss)", it appears on Schedule E, page 2, under the Non-Passive Income and Loss section, column (k).  My income is passive, however, as you mentioned that by choosing the radio box "I have another description item", turbotax doesn't automatically populate anywhere, so I manually entered the income into the Passive Income and Loss section, column (h).

It appears to flow through from there, thank you! 

[yash]

Where did you enter it? Which screen. When I enter it through the K-1, it automatically takes it as a nonpassive income. My income is also passive but it doesn't appear that way on schedule E (page 2). Thank you for your help. 

[bouchoui]

Have similar issue, K-1 box 11 (code I) income does not feed into 1040. It's coming from pass-through entities as other ordinary and foreign currency gain. Any suggestions where to enter are appreciated. 

[Anonymous]

in forms mode in the k-1 below line 11 there is a quickzoom link to enable you to enter the detail. 

[Dece80]

Wayne,  Could you share how you manually entered box 11a into the passive income and loss section h?  My desktop won't let me override and still efile.  Thanks!

[ikibkilam]

Wayne, would you consider responding... since there are many who have this problem, and you seem to have resolved it.  Thanks.

[Maikun]

This reply was helpful.  AND it reduced my taxes owed by $9. 🙂

I was taken to the Enter Detail and on my K-1 Supplemental Information Page it listed it:

SCHEDULE K-1 (BOX 11, ITEM I): This amount represents your share of the net long-term capital gain or loss from MMP that is not portfolio income. If you did not materially participate in the activities of MMP, this gain or loss will be considered passive activity income. Report this amount on Schedule D (Form 1040), line 12.

Thanks for that post.
It was NOT easy to find that, but it was VERY helpful for future use.  Actually the answer all along was right there in the Supplemental Information Page.   

[yupod]

Maikun,

Have you used the override feature in the form view for Schedule D, Line 12? If you did, were you not able to e-file after that?

PS My situation is exactly the same: I have K1 Box 11 Code I entry, that came from "FOREIGN CURRENCY GAIN (LOSS ) - SECTION 988". Just entering it on K1 form with Code I, did not affect anything. In my case, it is a loss. 

Thanks

[NDTexas]

For me, when I entered the info manually in column H, Turbotax said I should not do it and refused to permit me to file electronically, though it looks like it included the entered amount into calculations. I know other people who have the same problem, and they simply dropped turbotax and switch to human expert, at a very high cost

I'm considering the same