Question

I have a K-1 with both Box 1 and Box 2 amounts. Box 1 is income, Box 2 is a loss. I am entering both amounts in TurboTax as two K-1's but the net amt doesn't compute.

Forum|Forum|6 years ago
October 15, 2019
1 reply
0 views

The net of Box 1 (income) and Box 2 (loss) don't seem to total what TT is carrying over to the 1040, nor does it match the over-simplified "interview version" of the tax items summary of K-1's. It's off by the negative amount in my Box 2!

TurboTax Self Employed Online

Critter

Employee

The simplest answer is the passive loss online 2 cannot offset the income online one.

To enter a k1 with items and both lines 1 and 2 you need to fell into k-1 forms. On the 1st phorm enter everything except box 2. On the second form enter only box 2.