How do I put my K-1 Line 11 Section 988 other income (ZZ) on my K-1 Additional Information such that it shows up as a Section 988 on Form 4797?

Forum|Forum|1 year ago
March 28, 2025
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2023TT K-1 Additional Info for K-1 had a spot and this years does not.

TurboTax Online

PatriciaV

Employee

Activity reported on Schedule K-1 Box 11 Code ZZ is often entered on the partner's tax return in areas other than the K-1. In the case of Section 988 gain/loss, you would enter this as Other Reportable Income.

According to Section 988: "Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section 988 transaction shall be computed separately and treated as ordinary income or loss (as the case may be)."

To find this area of TurboTax, go to Federal taxes >> Wages & income >> Less common income - Misc income 1099-A 1099-C >> Other reportable income.

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littlemail_98Author

This puts the income on schedule I which I think is appropriate, but it doesn't put it on form 4797 which is where it used to go. This is NOT A PASSIVE ACTIVITY, BUT A LIMITED PARTNERSHIP.