K-1 Line 14 Code B

[et80308]

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?

[Anonymous_]

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.

[et80308]

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_]

See screenshots below. @et80308 

[Anonymous_]

Also, even if you indicated you did not make, buy or grow products, make sure you did not answer in the affirmative in the farming activities screen.

[Mike9241]

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?

[et80308]

The screen shots were helpful.  However, changing the answer from yes to no (produce grow or sell) didn't change the K-1.   The income is from ag program payments and 14B is apparently used for SE tax calculation.   It was my bad to ask the question in the first place.  I had erroneously looked at what Line 14 code B was on Form 1041 (foreign taxes paid).  Sorry for the trouble but greatly appreciate your help.  

[et80308]

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