Schedule K-1 processing

[prbailie]

I input my loss from my K-1 in to Turbo tax and when I'm done a zero only shows up and the loss that I put in isn't there??

[DavidS127]

More information may help resolve your issue.  For example, what kind of K-1 are you entering, is that activity a passive activity (i.e., rental loss), and did you complete the TurboTax K-1 section for that type of K-1?

To get back to the K-1 section of TurboTax, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link.

[prbailie]

I have followed these instructions but still cannot get Turbo tax to update my K-1 info:

Enter the code Z when you enter the K-1 box 20 screen, but you don't need to enter an amount on that screen.  Continue on, and you'll eventually find the screen  "We need some more information about your 199A income or loss".  When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1.  The applicable category (or categories) on this screen (and the following "Let's check for some uncommon adjustments" screen, if applicable) must be completed in order for your K-1 QBI information to be correctly input into TurboTax. 

[DavidS127]

What type of K-1 are you entering (partnership, S Corp, trust); what version of TurboTax are you using; what boxes on the K-1 have amounts; and what amounts are reported on the Section 199A statement that came with the K-1?  And, when you say "only a zero shows up and the loss is not there", where is that zero showing up?

[prbailie]

1.  The K-1 is a partnership; 2. I am using Premier TurbTax;  3.  Box 1 ($-27,187): ordinary business income (loss), Box 20: Z for Section 199A information; 4.  the zero shows up on the "Your 2019 Income Summary" Business Items section.  I shows $15,776 for 2018 and zero for 2019 after I have completed entering my information.

Would you like me to send you a copy of my K-1?

[DavidS127]

Based on your information, I suspect you indicated during K-1 entry that you are not an active participant in this partnership.  That would make this a passive activity for your, and passive losses are only deductible to the extent you have passive income.  That is likely why TurboTax entered a "zero" when the box 1 amount was a loss, i.e., your passive activity losses were disallowed. The "unallowed" passive losses are carried forward to a future year when you either have passive income or you dispose of your interest in the partnership.

Passive activity losses are commonly associated with rental activity reported in box 2.  You should confirm your entries in TurboTax for this K-1, in particular the question about whether or not you are an active participant in the partnership.

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.