Turbo tax is not reflecting my K1 income

Forum|Forum|3 years ago
March 12, 2023
1 reply
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I have entered income from my K1 but I do not see it populated in Turbo Tax

TurboTax Premier Online

JamesG1

What kind of K-1 are you reporting? Are you reporting a partnership, a sub S corporation, or a trust or estate? Please clarify.

Are you reporting a publicly traded partnership with a loss?

Publicly traded partnership losses have minimal use for the unit holder.

If a certain PTP has a loss, that loss can only offset earnings in the future from that same publicly traded partnership.
This is unlike non-PTP passive actions, in which allocated losses can go toward offsetting earnings for other passive actions.

For instance, PTP A reports $5,000 loss and PTP B reports $5,000 gain. You are not allowed to net the gain against the loss on the 2022 Federal 1040 tax return.

@djcastle1

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meredithliben

This is happening on my TT return as well. It is a LLC partnership with 2 partners, 50/50. Since we are spouses, I have for years said 'this K1 is for both of us and indicated that we have 100% and 100% risk.

Been doing this with TT more than a decade and this is the first time the income hasn't shown on wages and income totals. And our estimated refund is way out of wack because of it. I've gone over and over it and can't find an error or a way for the income to show up.

ThomasM125

Most likely, there is negative income that is offseting the income reported on the K-1 schedule. You can look at your Form 1040 Schedule 1 to see the items that affect your entry on line 8 for Form 1040, Other Income from Schedule 1, line 10. That is where your K-1 income would end up on your Form 1040. You may see what reducing your rental income on the Schedule 1.

You can view your form 1040 and schedules 1 to 3 while working in the online version of TurboTax by following these steps:

Click on Tax Tools in the left menu bar
Click on Tools
Look under Other Helpful links….
Choose View Tax Summary
Look in the left menu bar and choose Preview my 1040
Scroll down the page to see form 1040 and schedules 1 to 3

Also, you may have a deduction on your K-1 schedule, such as section 179 depreciation, that could be reducing the income reported on your Schedule K-1.

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