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If you have an amount in Box 11, Code A Other portfolio income (loss) of your Partnership Schedule K-1 (Form 1065) Partner’s Share of Income, Deductions, Credits, etc. with the instructions to report the amount on Schedule E (Form 1040) Supplemental Income and Loss, Line 38, the instructions below will enable you to enter that in to the TaxAct® program:

To enter your other portfolio income (loss):

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Business Income in the Federal Quick Q&A Topics menu to expand, then click Partnership income (Form 1065 Schedule K-1).
  3. Click + Add Partnership Schedule K-1 to create a new copy of the form or click Edit to review a form already created.
  4. Continue with the interview process to enter all of the appropriate information.
  5. On the screen titled Partnership - Schedule K-1 Information, check Box 11 - Other income, then click Continue.
  6. On the screen titled Partnership - Other Income or Loss, click the Review link on "11A - Other portfolio income (loss)" near the top.
  7. On the screen titled Partnership - Other Portfolio Income (Loss), enter the Income or loss from REMIC - residual holder (to transfer to Line 38, Column D), Excess inclusion from REMIC (to transfer to Line 38, Column C), or Section 212 expense from REMIC (to transfer to Line 38, Column E) amounts, then click Continue.

Additional Information

Per IRS Partner's Instructions for Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. (For Partner's Use Only), on page 9:

Box 11. Other Income (Loss)

Code A. Other portfolio income (loss). The partnership will report portfolio income other than interest, ordinary dividend, royalty, and capital gain (loss) income, and attach a statement to tell you what kind of portfolio income is reported.

If the partnership held a residual interest in a real estate mortgage investment conduit (REMIC), it will report on the statement your share of REMIC taxable income (net loss) that you report on Schedule E (Form 1040), line 38, column (d). The statement will also report your share of any “excess inclusion” that you report on Schedule E (Form 1040), line 38, column (c), and your share of section 212 expenses that you report on Schedule E (Form 1040), line 38, column (e).

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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