Thank you for your reply. But it does not resolve my doubts. The K-1 Boxes 1 through 10 are empty, and only 11 shows income. The issuer says that they are not familiar with TurboTax, and that we should simply follow instructions, manually taking information from various boxes in K-1 and reporting it in Schedule E and other places. If we do that, we will not need TurboTax, right? But we want to use TurboTax instead. The problem is that:
a) This partnership does provide a significant income, which in the past (when the income was reflected in Box 1 of K-1) resulted in significant tax liability, and logically it should.
b) If I enter all information from K-1 verbatim into TutboTax, leaving Box 1 empty, as it is empty in K-1, the tax liability resulting from K-1 is very small, much less than expected, which I suspect is wrong. Especially because in previous years, when the partnership used a different firm to generate K-1, and Box 1 reflected the real income, K-1's influence on tax liability was as expected. If the accounting firm is correct in their assertion that Box 1 does not need to be filled when reporting K-1 manually, I suspect TurboTax is lacking some calculations/functionality.
Could you please clarify?
Thank you
Naum
