- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
K1 income increases my taxes but loss does not decrease it.
Hi,
I have a K1 which shows income, for which I have to pay taxes.
I entered various numbers for box 1 of the K1 into TurboTax to see the impact on the tax. I noticed that losses in the box 1 does not lower my final tax but profit in box 1 does increase the final tax.
What could be the reason for this?
Thank you for your answers.
May 3, 2023
9:11 PM