K-1 Form

Forum|Forum|4 years ago
February 13, 2022
8 replies
31 views

I have spent over 5 hours and with multiple techs trying to resolve the following-interest income on K-1 is not carrying to area for passive income which in turn transfers information to Schedule E. Same problem from last year which resulted in filing amended return. Have been a TT customer for years but will be forced to seek alternative software. Completely dissatisfied-

Anonymous_

Level 15

Do you have interest income reported on Line 5 of a K-1 you received?

If that is the case, page 2 of Schedule E should show zero in the passive income section; the interest is reported on Schedule B.

Lawrence333Author

Level 2

Entered into TT in response to question-Did you receive a K-1? I did and had to enter the following-Box 14 and then Code E (net investment income) which carries over to K-1 Worksheet but not in the Passive Income Area which would carry over to Schedule E. There is note on the K-1 Worksheet that cautions IRS compares K-1 you receive with Schedule E.

Anonymous_

Level 15

@Lawrence333 wrote:

I did and had to enter the following-Box 14 and then Code E (net investment income) which carries over to K-1 Worksheet but not in the Passive Income Area which would carry over to Schedule E.

It is not supposed to carry over to the Passive Income Area on Schedule E.

That entry (Line 14 with an E code) is to calculate the net investment income tax on Form 8960.

Mike9241

Level 15

interest income on a k-1 even if eaned from a passive activity does not go on schedule E. it remains portfolio income and should transfer from the K-1 to schedule B.

Mike9241

Lawrence333Author

Level 2

Schedule E.pdf (1.2 MB)

K-1 Worksheet.pdf (693 KB)

I have attached both documents generated by TT after answering yes to questions-Did you receive a K-1. The figure does not carry over to Schedule B as you stated. I could manually add to Schedule B but why are the attached forms generated? Do you suggest either not answering yes to question on receipt of K-1 and just deleting forms from return?

I would like to discuss via call to my cell at [phone number removed] if possible