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Business & farm
Thomas - thanks for the answer but not sure it answered my question. The line on Item L that states "Current year net income (loss)" I think should be items on the actual K-1 not from schedule M-2. So i think it should be line 1 of K-1 plus/minus other income/deductions on the K-1. The instructions to Schedule K-1 state to look at Notice 2019-66 and I think that notice states that this line should be the sum of taxable income items found on each partners K-1 such as line 1 income.
I have seen other tax software programs do just that. Has Turbo Tax written the software correctly?
March 18, 2020
10:22 AM