Schedule K-1 processing

Forum|Forum|6 years ago
June 6, 2020
1 reply
5 views

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

Level 13

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.

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prbailieAuthor

Level 2

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

Level 13

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?

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