My K-1 1065 shows net income of 40K, but box 1 shows ordinary income of -10k. If I just follow questions in turbotax it shows as total negative. What am I missing?

Forum|Forum|2 years ago
March 30, 2024
1 reply
0 views

No text available

TurboTax Online

Best answer by PatriciaV

Please clarify where your Form 1065 Schedule K-1 reports net income of $40,000.

PatriciaVAnswer

Employee

Please clarify where your Form 1065 Schedule K-1 reports net income of $40,000.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

mz15Author

That is in section L of part 1. The income of 50K is shown in Box 11ZZ, and no matter what I do nothing from box 11 trickles down to 1040. I tried changing Passive/Non-passive partner. I tried changing the letter category of box 11. I tried deleting that partnership from turbotax altogether and entering it anew. I tried restarting TT many times.
No matter what I do info from Box 11 is completely ignored

PatriciaV

Employee

How is the Box 11 Code ZZ income described in the K-1 supplemental information? In most cases, you need to manually report this income in another section of your return - it doesn't flow like most of the other income boxes.

Once you have identified where this income should be reported, use the Search box and enter the form number/name. From the list that appears, select the topic that best matches the description given in your K-1, and then let TurboTax guide you the rest of the way.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"