K1 dividend income is not appearing in the Income Summary

[Duglus]

I have entered all the requested information from my K1s into the form fields but the Income Summary for the K1 section is zero. The information is displayed on the appropriate forms/worksheets. Using TurboTax Premier. 

[DawnC]

Are you using the desktop software?  Or TurboTax Online?   The income may be showing under the Business Tab.   Have you went through the review section yet; are there any errors?  

[Duglus]

Hi DawnC thanks for your reply, I am using desktop software. All of the ‘business’ items show zeros. The Smart Check review is hunky dory.  The program imported the K1s and other info. from my 2023 return which I then proceeded to EDIT with new info from the 2024 K1s. Maybe I need to DELETE and start from scratch?

[ThomasM125 · Accepted solution]

I suggest you look on your Schedule B to see if the dividends show up there, and also on Form 1040 line 3. If so, your return will be correctly stated in spite of what the income summary worksheet shows.

[Rick19744]

There isn't sufficient information to respond:

• Are you passive or active in the K-1 activity?
• What type of income is the K-1 generating?
• Your title only speaks to "dividend" income.  Is this the only item on the K-1, or is this the only item you have a question about?  Dividends are considered portfolio income and not business income.
• Do you have any carryovers from prior year(s)?
• All of the above questions will impact the ability to respond to your question

[Duglus]

You Sir are correct. The dividends and interest paid out from the PTPs are listed on schedule B. The totals are carried to 1040 lines 3 and 2. Was expecting this income appear in the Wages and Income Summery in the step through program.

-Thanks!