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I think your handling is correct. His K-1 activity is inside his IRA. Nothing to report on the 1040 except the 1099R. Her partnership investment is in a taxable investment but not on the broker's consolidated 1099, so you would enter the K-1 activity on the 1040.

Both his K-1's (1065) show Box I1 Type of Entity as IRA/SEP/Keogh. He had no separate Charles Schwab Form 1099 Year End Summary, just the 1099R, and the account numbers did not match to his K1's. I did NOT enter his K1's. Her K-1's (1065) show Box i1 Type of Entity as Individual. She had a separate Charles Schwab Form 1099 Year End Summary with statement page showing her K1s as NOT being reported to IRS with matching numbers tying them all together, so I entered her K1s. So, did I do this right, or should I enter his K1's as well?

On rereading my post I can affirm what others have said. Cattle are bringing more money. A local farmer's wife brought me their 2024 figures which had doubled and even tripled their sales figures from prior years. On calling to advise their returns were complete she asked if I was getting them back a lot of money! I have prepared that return for about ten years with perhaps one in profit. On being told they owed money I was abruptly informed I would not be paid !! I had her review her figures only to find she had failed to bring a $50,000 plus feed bill. This cut the bill but they will still owe some tax. I would not be surprised if I don't see them next year.

What type of entity is shown on the K-1 as the owner of the account? Should be box "I" (Cap letter i) partway down the left side. Does it say "individual" or "retirement" or "IRA", or just what is in that box?

Account number is different; so sounds like I need to enter the K1? Thank you for reminding me about the account number because it doesn't show up on the K1 itself, just on the supplemental page.

Generally when I see these with the same account number the 1099R will be reported on the tax return and the K-1 is there to report the unrelated business taxable income which would not be reported on the return but reported on a 990-T. If memory service me correctly, they can have up 1000.00 of UBTI before you have to report. Many brokerages often handle the reporting and paying the UBTI for the client by filing the 990-T so you may need to check with the client.

A K1 inside a retirement account is not entered. And you have to be careful with K1 investments inside retirement accounts because they can result in taxable income, although it's rare.

Does it show the same account number.

TP gets a 1099 R showing: Charles Schwab & Co Inc Cust SEP-IRA with gross & taxable distribution, code 7 and IRA box marked. He also gets a K1 in his name that shows Charles Schwab & Co Inc Cust SEP-IRA with Box 1,2,5,6a income, do I also add that K1 to tax return or is it all taxed thru that 1099R? I always find these confusing.

Yes, often exercises and aids can really make a difference. Sometimes, though, that doesn't work well enough. The exercises shown are very common for runners and in yin yoga so I've done those for years. My L4-L5 issue in 1989 did not respond well at all with the first line methods. It was so bad I had to take the CPA exam for 2 1/2 days (remember when?) on my knees after getting permission to bring a pillow to use. That was May. In July I had the surgery and was running again in about 8 weeks. I recall waking from the anesthesia and realizing IT WAS GONE! That gawd awful pain down the right leg was gone at last. I'm hoping for similar results this time but may have to temper my expectations. It's been 26 years so my mileage may vary

I had a form of Sciatica called Piriformis Syndrome, but I was able to cure it with both massages and some exercises I found on YouTube.

Left leg Sciatica (and/or Arthritis, and/or ???) for a few years now. At my age, nobody takes that seriously so I just wear a leg sleeve for outdoor activities.

Yes I have a client about 20 years younger than you who recently had an SI Joint fusion to relieve months of Sciatica. Of course, her insurance company insisted that they try all of the less expensive procedures first which didn't help.

Randall, this is so true. I was on a 2 1/2 week dive trip to Indonesia in November and continuing my 4x weekly HIIT (high intensity interval training) classes on return along with Tai Chi and Yin yoga weekly. In January a strange pain in my right leg, hip and back appeared and gradually worsened. Dr. had x-ray and cortisone shot in SI joint which seemed to help for 3 days when the left side just really hit me. The upshot is slipped SI-L5 joint with near excruciating pain and surgery on June 2 involving a lumbar 'cage', screwed in plate to stabilize the SI joints, a back brace and 6-9 months of rehab. Dr. says I probably can even get back to diving, though, despite my age. He said I seemed to be in otherwise excellent health We must never take good health for granted whether it's systemic, structural or mental.

I keep reminding myself, I'm healthy today but tomorrow or next year, who knows.

That's what I'm thinking too. Just keep myself in their system.

I have a concern that we are going to see an accelerating flood of these letters. I envision a scenario where it becomes exponentially more difficult to get human intervention (via phone or written correspondence) to resolve errors while at the same time the ACS keeps churning out notices escalating all the way up to levies.

A walk down Main Street to see the painted horses is always nice. Some were auctioned off, but I think there are still about a dozen there. The water in the blue bottles tastes good too.

That's why it is called ACS - Automated Collection System.

It's the computers sending all the letters. No people involved - especially with the more stupid letters.

Yes

Was the bank account type correct (e.g., business, checking)?

I efiled a Form 1120 a month ago. My client had made estimated payments of $9,600. The corporate tax owed was $8,585 leaving a refund of $1,015, which should have been made via direct deposit. My client just received a CP 267 letter from the IRS asking my client what they wanted them to do with the refund. I went back and double checked the routing number and the checking account number which were all correct

So many letters, so early about the least little thing! Clients are furious and afraid. Sometimes I can fix it,(like the case where the IRS tried to draw from the wrong account); sometimes I can"t. On the other hand, a miracle happened. A gal came in with a return that she had attempted to do on Turbo Tax. Married filing Separately, mind you. It was a total mess. Apparently TT lets you import your W2. Well, don't try that! Numbers were all incorrect. She was getting a very large refund according to her return. The IRS said NOT SO! I did an amendment on the return and the miracle was that it was accepted on the first filing. Actually she owes a large amount which just gets added to the payment plan that she already has active. Reason for the MFS. This was a new marriage and they didn't know what to do. Needless to say, she won't be trying that again. One more reason for me to stay active for at least one more year.

A fairly decent discussion of the software can be found at https://www.reddit.com/r/taxpros/comments/1huri37/mytaxprepoffice_honest_reviews/ You may also want to look at these threads: https://www.reddit.com/r/taxpros/comments/1kanah2/software_to_consider_for_simple_1040_returns/ https://www.reddit.com/r/taxpros/comments/1ig0msu/cheap_per_return_prep_software/