TurboTax Home and Business K-1 update was completed but loss not showing up.

Forum|Forum|2 years ago
March 4, 2024
1 reply
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I waited for the K-1 update for TurboTax Home and Business. It updated. I entered all K-1 information but the loss amount I entered on K-1 is NOT showing up next to the UPDATE button. It still shows 0. This is a pass through entity. Any ideas???

TurboTax Home & Biz Windows

Mike9241

look at form 8582. it may be a passive loss and not currently deductible under the PAL rules

theteague

I'm having the same problem; I entered all K-1 information but the loss amount I entered on K-1 is NOT showing up after completing the module. It still shows 0. And it was not a passive loss, so should qualify champ...

JamesG1

Which K-1 are your reporting? K-1 (1065), K-1 (1120-S) or K-1 (1041)?

If the issue is not being a passive loss, is the loss not reported because of basis?

For instance, for an IRS form K-1 (1120-S), at the screen S Corporation Basis, make sure that the loss is correctly reported on line 11 of Part I.

In TurboTax Premium Online, make sure that you Refresh Calculations.

There could be other issues. If this does not completely answer your question, please contact us again and provide more information.

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