JackieCPA Posted March 28, 2023 Report Share Posted March 28, 2023 Anyone know where I can input depletion deduction information in ATX flowing from a K1? Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted March 29, 2023 Report Share Posted March 29, 2023 22 hours ago, JackieCPA said: flowing from a K1 Should be line 20-T on the K-1 input sheet. Quote Link to comment Share on other sites More sharing options...
JackieCPA Posted March 30, 2023 Author Report Share Posted March 30, 2023 Yes - but in ATX that line does not flow anywhere and is a "non-linked" item. Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 30, 2023 Report Share Posted March 30, 2023 10 minutes ago, JackieCPA said: Yes - but in ATX that line does not flow anywhere and is a "non-linked" item. Wow, ATX is really slipping this year. Quote Link to comment Share on other sites More sharing options...
JackieCPA Posted March 30, 2023 Author Report Share Posted March 30, 2023 What I decided to do was add a separate K1 with the business name depletion and used the same EIN as the company and put the depletion amount as a negative ordinary income. Hoping for the best. 1 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted March 30, 2023 Report Share Posted March 30, 2023 16 minutes ago, JackieCPA said: as a negative ordinary income. That does not sound the correct, I believe it should off set passive income, not ordinary income. Is this a new client for you? 1 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted March 30, 2023 Report Share Posted March 30, 2023 Does the K-1 show ordinary income or royalty income. Quote Link to comment Share on other sites More sharing options...
JackieCPA Posted April 4, 2023 Author Report Share Posted April 4, 2023 ALl the income from the K1 is ordinary income - new client for me this year, looks like prior year return had it be minused off the oridinary income. Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted April 4, 2023 Report Share Posted April 4, 2023 1 hour ago, JackieCPA said: ALl the income from the K1 is ordinary income On 3/30/2023 at 2:56 PM, JackieCPA said: put the depletion amount as a negative ordinary income. That is correct for that situation. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted April 4, 2023 Report Share Posted April 4, 2023 On 3/30/2023 at 6:18 PM, DANRVAN said: That does not sound the correct, I believe it should off set passive income, not ordinary income. Ordinary income can be either active or passive, depending on the circumstances. Quote Link to comment Share on other sites More sharing options...
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