This article focuses solely on the entry of the Alternative Minimum Tax (AMT) items which are found on Box 17 of the Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. For additional information regarding the requirements for Schedule K-1 (Form 1065), see: Partner's Instructions for Schedule K-1 (Form 1065).
To enter the Alternative Minimum Tax (AMT) items from a K-1 (Form 1065) in TaxSlayer Pro from the Main Menu of the Tax Return (Form 1040) select:
- Income
- Rents, Royalties, Entities (Sch E, K-1, 4835, 8582)
- K-1 Input - Select New and double-click Form 1065 K-1 Partnership which will take you to the K-1 Heading Information Entry menu.
- The K-1 1065 Edit Screen has two distinct sections entitled Heading Information and Income, Deductions, Credits, and Other Items. After entering all of the information required on the K-1 Heading Information screen, select OK.
The K-1 1065 Edit Screen in TaxSlayer Pro has an entry for each box on found on the Schedule K-1 (Form 1065) that the taxpayer received. A description of the Alternative Minimum Tax (AMT) items contained in Box 17, including each of the Codes that can be entered in Box 17 can be found below. The amounts shown in Box 17 reflect the taxpayer's share of the transactions from the partnership.
Alternative Minimum Tax (AMT)
Line 17A - Post-1986 Depreciation Adjustment - This amount represents the taxpayer's post-1986 depreciation adjustment. This amount will automatically pull to line 2i of Form 6251.
Line 17B - Adjusted Gain or Loss - This amount represents the taxpayer's adjusted gain or loss. This amount will automatically pull to line 2k of Form 6251.
Line 17C - Depletion (Other than Oil & Gas) - This amount represents the taxpayer's depletion adjustment. This amount will automatically pull to line 2d of Form 6251.
Line 17D - Oil, Gas & Geothermal Properties - Gross Income - The amount reported in Box 17, Code D is the gross income allocable to, oil, gas, and geothermal properties that was included in Box 1 of the Schedule K-1. The partnership should have attached a statement that shows any income allocable to such properties that are included in boxes 2 through 13, 18, and 20 of Schedule K-1. The taxpayer should use the amounts reported and any amounts on any attached statement to determine the net amount to enter on line 2t of Form 6251.
Line 17E - Oil, Gas & Geothermal Properties - Deductions - The amount reported in Box 17, Code E is the deduction amount allocable to, oil, gas, and geothermal properties that was included in Box 1 of the Schedule K-1. The partnership should have attached a statement that shows any deductions allocable to such properties that are included in boxes 2 through 13, 18, and 20 of Schedule K-1. The taxpayer should use the amounts reported and any amounts on any attached statement to determine the net amount to enter on line 2t of Form 6251.
Line 17F - Other AMT Items - Amounts reported in Box 17 using code F are items that should be reported on Form 6251 based on the information provided by the partnership. No items contained in this field will automatically flow to the Form 1040. See the partner's instructions provided by the partnership for further information on the treatment that these items will receive.
See: Instructions for Form 6251 - Alternative Minimum Tax - Individuals.
Note: This is a guide on entering the Alternative Minimum Tax (AMT) items from Schedule K-1 (Form 1065) into the TaxSlayer Pro program. This is not intended as tax advice.
Additional Information:
Partner's Instructions for Schedule K-1 (Form 1065)
Schedule K-1 (Form 1065) - Overview
Schedule K-1 (Form 1065) - Heading Information
Schedule K-1 (Form 1065) - Income (Loss) Items
Schedule K-1 (Form 1065) - Deductions
Schedule K-1 (Form 1065) - Self-Employment Earnings (Loss)
Schedule K-1 (Form 1065) - Credits & Foreign Transaction Items
Schedule K-1 (Form 1065) - Tax Exempt Income, Non-Deductible Expenses, Distributions & Other Items