Hello,
I've been receiving K1's from a partnership for the past few years. Historically (2022 and prior), they categorized income as 11i in my K1, which Turbotax prompted that I need to enter in this data elsewhere. I tested this by changing this income to something ridiculous like $5,000,000, and noted that taxes due did not change. I handled this by adding a line under my interest income to account for this.
This year, the K1 categorized loss (and another K1 categorized income) under 11z. TurboTax does not prompt that I need to enter this elsewhere, however, when I change this income to something like $5,000,000, I still do not see a change in taxes due.
Is this an error in TurboTax? Should I enter in K1 11z elsewhere to properly catch this?
Thank you!