cpabsd Posted March 23, 2009 Report Share Posted March 23, 2009 Client received K-1 from partnership that shows an amount in tentative allowable percentage depletion in the supplemental information attached to the K-1. Prior tax preparer showed this amount as separate line item on page 2 of Schedule E. When I show the amount on K-1 input sheet as depletion, the software created a new column for depletion but the number does not flow anywhere. Does anyone have any guidance to offer on this? Thanks! Quote Link to comment Share on other sites More sharing options...
lbbwest Posted March 24, 2009 Report Share Posted March 24, 2009 Client received K-1 from partnership that shows an amount in tentative allowable percentage depletion in the supplemental information attached to the K-1. Prior tax preparer showed this amount as separate line item on page 2 of Schedule E. When I show the amount on K-1 input sheet as depletion, the software created a new column for depletion but the number does not flow anywhere. Does anyone have any guidance to offer on this? Thanks! I called ATX support regarding this issue, the software does not support depletion as an asset on the "normal" asset listing, we have to make a separate spread sheet for the depletion allowable. lbb Quote Link to comment Share on other sites More sharing options...
cpabsd Posted March 24, 2009 Author Report Share Posted March 24, 2009 Thanks for the guidance - I appreciate you taking the time to call support. Hopefully, that was helpful to others as well. Quote Link to comment Share on other sites More sharing options...
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