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How do I report expenses on K1 income
How do I report expenses from K1 income on Turbo Tax Business software
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June 7, 2019
4:46 PM
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Business & farm
I received a K1 as I am a partner of a business. I incurred expenses for this business, which were not reimbursed to me. How do I report these expenses?
June 7, 2019
4:46 PM
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Business & farm
This comment was for someone on 1065 - 2 months ago, otherwise disregard
See the examples of what the Business Form 1065 K-1 would look like (a dummy example) and then how you enter it into your personal Form 1040 Schedule K-1 received, with specification that partnership did NOT reimburse expenses. Business 1065(K-1) preparation Recipient of Artnership K-1 entries into Personal 1040 interview Personal !040 entry of K-1 and resulting K-1 for 1040
See the examples of what the Business Form 1065 K-1 would look like (a dummy example) and then how you enter it into your personal Form 1040 Schedule K-1 received, with specification that partnership did NOT reimburse expenses. Business 1065(K-1) preparation Recipient of Artnership K-1 entries into Personal 1040 interview Personal !040 entry of K-1 and resulting K-1 for 1040
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
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June 7, 2019
4:46 PM
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That screen is page 3 of the 13 page wallthrough example that was posted prior to your post
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
June 7, 2019
4:46 PM
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I try - darn taxation system nowadays means the taxpayer needs to take a 2 week instruction course.
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
June 7, 2019
4:46 PM
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@Critter#2 if you liked that one, check out the one for this question <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4609618-i-entered-the-distribution-from-the-1099-r-in-business-for...>
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
June 7, 2019
4:46 PM
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I have not had access to the business account since I worked for TT 5 years ago. Don't even try to answer those questions.
June 7, 2019
4:46 PM
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Ok, just' was commenting' on the nature of developing a walk-through that the TP. Can follow
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
June 7, 2019
4:46 PM
Anonymous
Not applicable
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Business & farm
Can I include interest on loan in this business expense section if this loan is used to buy the investment home in the LLC, for which I received a schedule K1?
June 7, 2019
4:46 PM
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What ? Does the LLC rent out a home it does not own ? And is not on the mortgage ?
June 7, 2019
4:46 PM
Anonymous
Not applicable
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Business & farm
Sorry I should have been clear. This is a heloc loan and not a regular mortgage loan. And yes the LLC rents out the home.
June 7, 2019
4:46 PM