Partner Information
How should the profit/loss/capital percentages be entered?
What is a decimal.
What interview form is used to fill out the 8824?
What is D-6?
Schedule K, line 2 comes from what government form and line?
What is 8825, line 21?
By default, how does the system allocate income to Part III of the partners K-1's?
What is based off the partners profit/loss percentage?
True or False? A partner can transfer interest without also transferring capital.
What is True?
In Interview, where can you code the partner entity type?
What is K-1, box 103.
What interview form is used to produce the 4797?
What is the D-1?
Can line 6a of the Sch K come from a passthrough?
What is Yes?
Which line on the K-1 is used to report Self Employment income?
What is line 14?
True or False? If a Partner transferred into the partnership halfway through the year, they should have a beginning profit/loss/capital percentage entered on the partner information worksheet?
What is False?
Will a grantor trust compute self-employment income? (Hint: use F1 on K-1, box 103.)
What is Yes?
In worksheet view, what property code is needed to produce Sch D on Income/Deductions>Gains and Losses>Detail>Capital Gains and Losses, line 2?
What is CAP?
By default, Sch K, line 14a will calculate for what type of partners?
What is General Partners?
True or False? K-1 transmittal letters are required to be produced alongside the K-1s.
In interview, where would a preparer go if they only wanted to enter a transfer of capital between partners?
What is Interview Form K-7?
Should Parnter>Partner Information>Detail>Basic Partner Data, line 10 be filled out if they have a US residence?
What is No?
A loss that was held for less than a year would go to which part of the 4797?
What is Part II?
In worksheet view, where do you enter Sch K, line 10 when it is coming from a partnership passthrough?
What is Income/Deductions>Partnership Passthrough>Partnership Passthrough, line 52
In worksheet view, where can you go to have the system calculate self employment for limited partners?
What is Partners>General options>Schedule K-1 calculation options>Line 7
In interview, where can you change where transferred capital get's reported on partner's K-1's?
What is interview form K-7 box 39?
In worksheet view, where can you select that the partner is a General partner?
What is Partner>Partner Information>Detail>Basic Partner Data, line 16?
In worksheet view, where do you check to have the Sec 179 Recapture treated as depreciation?
What is Income/Deductions>Section 179/280F Recapture/4684 ELF>Section 179 and 280F Recapture, 4684 ELF, line 3.
In interview, where can Sch K, line 13a come from that isn't a passthrough or an override?
What is K-9 box 62?
Which interview form can be used to cosmetically override the partner profit/loss percentage on their K-1?
What is interview form K-2?
If a preparer agress with the amounts calculating in the partner's capital account and in Part III of their K-1, but disagrees with how their profit/loss/capital percents are calculating, what option do they likely need to change?
What is Partners>General options>Schedule K-1 calculation options>Line 1?