Support CenterWhere do I enter the K-1s in the Form 990-T? Is there a K-1 input or a substitute for the 990-T - Where do I enter the K-1s in the Form 990-T?
Our SureFire analyst noted that there is no K- 1 input for the form 990-T.
Please see additional information from the IRS website, indicating where the amount should be entered on the 990-T
IRS 990-T instructions :
https://www.irs.gov/pub/irs-pdf/i990t.pdf
In 990-T, Schedule A, Part 1 Line 5:
Income or (Loss) From a Partnership or an S Corporation:
Refer to Notice 2018-67, 2018-36 I.R.B. 409 when reporting the organization's distributive share of partnership income (and partnership deductions directly connected with such income) from trades or businesses of a partnership that are unrelated trades or businesses with respect to the organization. Refer to Notice 2018-67, 2018-36 I.R.B. 409 for rules permitting the aggregation of income (and directly connected deductions) of certain partnership interests.
For trusts and certain corporations:
Limitations on income and losses (including from a partnership or an S corporation) under section 469 (the passive activity loss and credit limitation rules) and section 465 (at-risk limitations). For more information on these rules, see the discussion of the application of the passive loss and at-risk limitations to affected tax-exempt organizations in the introductory instructions to Part I. Unrelated Trade or Business Income, earlier.
Partnerships:
If the organization is a partner in a partnership conducting an unrelated trade or business, enter the organization's share (whether or not distributed) of the partnership's income or loss from the unrelated trade or business. The organization is required to notify the partnership of its tax-exempt status.
Figure the gross income and deductions of the partnership in the same way you figure unrelated trade or business income the organization earns directly.
Attach a statement to this return showing the organization's share of the partnership's gross income from the unrelated trade or business, and its share of the partnership deductions directly connected with the unrelated gross income. Also, see Attachments, earlier for other information you must include.
Note:SureFire does not support 990-T beginning in 2021. For 2020 the return can be created in software, but not e-filed.
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