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et80308
Level 2
March 19, 2022
Question

K-1 Line 14 Code B

My LLC partner K-1s are showing an amount for Line 14, Code B.   The amount corresponds to net earnings from Farm activity, not foreign taxes.  Any clue how to correct correct this?

7 replies

Anonymous_
Level 15
March 19, 2022

The only way a figure is going to appear on Line 14 with a B code on your K-1s is if you indicated that the LLC "makes, buys, or grows products" and then proceeded to enter income in the Farming tab.

    et80308Author
    Level 2
    March 20, 2022

    Thanks for the reply.   I don't remember seeing a question similar to that.  And I wouldn't have intentionally answered it as Yes.  Could you tell me where it's located so I can confirm the answer? Many thanks.

    Anonymous_
    Level 15
    March 20, 2022

    See screenshots below. @et80308 

     

      Mike9241
      Level 15
      Mike9241Level 15
      Level 15
      March 20, 2022

      a little confused about what the issue is. are you asking about the FTC which is  line 16  of k-1 and really on form k-3?

      Mike9241
      et80308Author
      Level 2
      March 20, 2022

      No, 1065 K-1 Line 14 with code B on continuation statement.  Issue has been resolved.  Thanks for checking with me.

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