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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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Ron Watt, CPA

New Member

10/27/08 2:39pm PDT

Form 8805

I don't deal with much foreign stuff, so I'm hoping somebody can help me out. New client, originally from Germany, has been living in US and filing Form 1040 as resident alien for several years. He presented me with a final partnership K-1, including Form 8805 which has a line 10 entry "Total tax credit allowed to partner under sec 1446" in the amount of $15K (line 9 has $43K as income allocable to partner).
From what I've read about Form 8805 and from Lacerte input, it looks like he can only get credit for the $15K when filing Form 1040NR. I see no place for it on Form 1040. Unfortunately, he files Form 1040 as a resident alien. Has anyone ever dealt with this situation or have an idea how to handle it?
Thanks much,
Ron

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1 Reply

PhoebeRoberts

Accountant Community AllStar

11/05/08 2:27pm PST

Latest post

He got an 8805 because he didn't bother to update the partnership when his status changed from foreign to non-foreign. Fortunately, the solution can be found within the instructions to the Form 8805 (http://www.irs.gov/pub/irs-pdf...: "Any U.S. person erroneously subjected to the withholding tax would also receive Form 8805 from a partnership and should attach it to his or

her income tax return to claim a

withholding credit."

Screen 14.1 is the best place to enter the withholding. Enter the name of the partnership into the memo field under Crtl+E. (Every so often, I'll get a partnership that passes through some backup withholding, which is the same sort of thing, and I've successfully handled it that way.)

If I wanted phone calls, my phone number would be in my profile. If you have a question, post it in the applicable forum.

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