MinhT1
Expert Alumni

Get your taxes done using TurboTax

The loss on your K-1 would lower your taxable income and your tax liability. However, it could also lower the Earned Income credit by a larger amount and reduce your tax refund.

 

However, in this case, you are still required to enter your K-1. You are not allowed to skip it.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post