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Get your taxes done using TurboTax
The 'Other Accrued Interest Paid' of $1,667.39 sounds like an amount paid to you as interest so you will need to find out if this is interest you already paid tax on previously. Likewise the 'Limited Partnership Income' of $11.69 should be included in the income figure from a K-1.
If you do not have a K1 from this partnership then you can include the income using the steps below.
- Click Federal Taxes -> Wages & Income and scroll down to Less Common Income
- Go to the last selection, Miscellaneous Income and click Start
- Go to the last option, Other reportable income and click Start
- When it asks, "Any other reportable income?" > yes and then type in a description and the amount to report it on your tax return.
Since you are taxed as partnership, you pay income tax on the net income of the business whether you take the money out or not. You are not taxed for actual distributions.
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March 9, 2022
10:27 AM