K1 input from 1065 - line 20 Code T depletion

[JackieCPA]

Anyone know where I can input depletion deduction information in ATX flowing from a K1?

[DANRVAN]

22 hours ago, JackieCPA said:

flowing from a K1

Should be line 20-T on the K-1 input sheet.

[JackieCPA]

Yes - but in ATX that line does not flow anywhere and is a "non-linked" item. 

[Lee B]

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.

[JackieCPA]

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. 

[DANRVAN]

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?

 

 

[DANRVAN]

Does the K-1 show ordinary income or royalty income.

[JackieCPA]

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. 

 

[DANRVAN]

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.

[Abby Normal]

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.