kkalkwarf
New Member

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?