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March 12, 2025
Question

Where in TurboTax Businees do I enter partner share of AGI for K-1?

  • March 12, 2025
  • 1 reply
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To add it to Line 20 as AG ofr K-1 form.

    1 reply

    March 12, 2025

    a partner's 1040 AGI is never reported on a K-1 

     

    20AG is for their share of the partnership's gross receipts(should be automatic)  to determine if under section 448(c) thy must use the accrual method of accounting . The applicability of this code section is for each partner r to determine

     

    Code AG. Gross receipts for section 448(c).
    Regulations section 1.163(j)-2(d)(2)(iii) requires that
    partners in a partnership include a share of partnership
    gross receipts in proportion to their share of gross income
    under section 703 (unless the partnership is treated as
    one person under the aggregation rules of section 448(c)).
    Partnerships with current year gross receipts (defined in
    Regulations section 1.448-1T(f)(2)(iv)) greater than $5
    million are required to report to their partners their
    distributive shares of current year gross receipts, as well
    as their distributive shares of gross receipts for the 3
    immediately preceding tax years. If a partnership and a
    partner are treated as a single employer under the section
    448(c) aggregation rules, and the partnership has current
    year gross receipts greater than $5 million, then the
    partnership should also report its total current year gross
    receipts, as well as its total gross receipts for the 3
    immediately preceding tax years, to that partner. See
    IRS.gov/newsroom/faqs-regarding-the-aggregation-rules
    under-section-448c2–that-apply-to-the-section-163j
    small-business-exemption.