dgrogan01
New Member

How can a huge loss in box 2 of my K1 not generate a large reduction in my tax liability on Turbo Tax?

I entered a large negative number into Box 2 of Turbo Tax for my K1 from an Oil and Gas Partnership. I was expecting my total tax liability to reduce by a large amount from this entry, it did not move at all.  What am I doing wrong? Can Turbo Tax handle Oil and Gas Partnership K1?