Schedule K-1 (form 1065) for LLC

Forum|Forum|3 years ago
April 24, 2023
1 reply
0 views

Hello, I hope someone can help me with couple of questions here. I am using TurboTax Home & Business edition. I have several Schedule K-1 (Form 1065) from several different LLC's. I've entered all the data from those Schedule K-1's along with other additional non-reimbursed expenses under the Business Investment and Estate/Trust Income section of Turbotax. Each and all LLC shown a net income loss. My first question is, do I still have to enter any of these data somewhere else in TurboTax? Second question, how do I know TurboTax has taken all the data and processed as appropriate? It appears TurboTax shows no data ($0) under the 2022 column and shows no difference to my overall reductions for the net loss income I incurred under these LLC's. Thank you!

Mike9241

we can't see your return. the reason you may not see losses (lines 1 through 3) may be because all those losses are passive in nature. look at form 8582 and the relate worksheets. if they are from publicly traded partnerships (PTP) losses don't flow to the form but by law the losses are passive. each PTP stands on its own. that is, the passive losses of one can't offset the passive income of another. even if the k-1 shows income all that may do is reduce passive loss carryovers.