Question

Help with LLC K1 box 14

Forum|Forum|3 years ago
April 14, 2023
1 reply
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Hi very confused right now. I have a general partnership LLC and last year it only netted 21 dollars. I used turbo tax to generate the K1 for each of the partners, however for some reason my own K1 I now realized that on box 14, there is a box with the code "C" 'gross non-farm income of 4,486? I'm not sure where this number came from however now that I'm filing my income tax this is increasing my federal tax by about 450 dollars.

Can someone help? did I messed up somewhere in generating the the K1? Where would I need to go to ammend this since I did not allocate any earnings gross or otherwise to myself or to my other partner.

thank you

TurboTax Business Windows

M

Mike9241

on schedule SE you must have selected the nonfarm optional method otherwise 14C is not used in the 1040.

Line 14c on Schedule K is calculated by adding lines 3 and 7 from page 1 of Form 1065.

And line 3a from page 3, Form 1065, Sch K, minus line 7 on government Form 4835.
Will also pull from 14C of any partnership passthroughs entered in the return.