Using Turbotax home and Business . When I enter 1065 K1 that has box 1 information ordinary business income (loss) (but not box 2 or 3) into the program, TurboTax easy step asks what type of partner I am, in this case the answer is a limited partner and then proceeds to ask what boxes of the K1 have information in it, but only for boxes 4- 20. It does not ask for the information in box 1
If the number in box 1 is a loss that comes from a lower tier partnership, should that be entered in the forms mode to keep track of passive losses or do I keep separate track of it for basis?
Why does TurboTax ignore that box? It is hard to believe that the information is totally irrelevant. What am I not understanding?
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Is this a partnership whose income is reported in a subsequent 'higher tier' partnership? Please clarify.
In TurboTax H & B, I follow these steps to enter a partnership K-1.
How do your specific details differ? Please clarify.
Thank you for your answer. I enter all the information as you laid out, however since the partnership is an investing holding company I choose "Other" rather than "business". What I have done in the past is then enter the box 1 info directly into forms and do not check the active participation, but I'm not sure that this is correct way either
I now understand. The choice of 'Other' at the screen Choose Type of Activity is the reason that box 1 was not generated.
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