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Screen K-4 - Schedule K - Other Items (1065)
Overview
In addition to the fields in this screen, the application automatically calculates and transfers the following items to the Schedule K, Other Information section. Use the K1-5 Screen and K1-6 Screen to enter information from Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary.
- Investment income
- Investment credit recapture
- Other tax-exempt income
- Nondeductible expenses
- Distributions of cash and other property
- Other items and amounts
note
Electronic Filing Note:
See General and input screen-specific topics for electronic returns for data-entry guidelines to prevent electronic filing rejections.Other
Use this section to enter information for the Schedule K, Other Information section. Unless noted, all items in this section are reported in the statement for Schedule K, Other items and amounts.
note
- The application generates the information for Other tax-exempt income, Cash distributions, Property distributions, and Nondeductible expenses from data you enter in the M1M2, M3-2, M3-3 Screens, and the Transfers of Capital window in Partner Data Entry.
- The application generates the information for Schedule K-1, line 20, Recapture of investment credit from data you enter in the 4255 Screen.
- The application generates the information for Schedule K, Other items and amounts and Schedule K-1, Other information from data you enter in the KSup Screen.
Paycheck Protection Program (PPP) loan forgiveness required reporting information
Use the statement attached to this field to enter required information, as defined in the Form 1065 instructions, for PPP loan forgiveness. Information entered here prints as a required statement for Schedule K, line 18b - Other tax-exempt income. Information entered here is not reported on Schedule M-1 nor Schedule M-3.
See the M1M2 Screen to enter tax-exempt income for Schedule M-1, and M3-2 Screen for Schedule M-3.
Investment income (Force)
The application calculates investment income for Schedule K, line 20a by adding Schedule K, Interest income, Ordinary dividends, and Royalties; other portfolio income entered in the K Screen and K1-2 Screen; and Form 5471, Schedule I when indicated in the 5471-8 Screen. Enter an amount, including 0 (zero), to override the automatic calculation. The application also calculates each partner's amount based on the partner's share of the same items. For a different allocation, select the Ptr Alloc button.
Section 199A REIT dividends
Enter the total Schedule K Section 199A REIT dividend amount. This amount appears as part of the total on the Section 199A Information worksheet.