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K1 questions ordinary business income vs distribution
I have a K1 that I received a distribution of 10,671 dollars for - but under box 1 Ordinary business income it states 25,494 - so my amount after taxes is literally 271 dollars of profit? Is turbotax calculating this incorrectly?
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June 7, 2019
4:09 PM
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Business & farm
The ordinary business income is taxable to you and increases your basis in the entity, the distribution decreases your basis, but generally does not affect you taxable income.
June 7, 2019
4:09 PM