LLC K1 line 14

our LLC has 2 members. Line 14 (self Emp) is fine on one but blank on the other? how do I fix this

Business & farm

Check your partner/member information and also your general business information at the beginning of the program.

 

Allocations should be automatically calculated properly if the information is entered correctly.

Business & farm

what should i be looking for in the general business tab -- I went through the info -- same as 2019

Business & farm

It should flow through correctly if the information concerning the partners is correct. 

 

Check everything that relates to partner allocations. 

Business & farm

that worked in 2019 but not this year

--allocation is 50/50 all income calculated properly on all forms except the K1, line 14 is blank??

the other 50% partner is fine

Business & farm

This is either some sort of input error or possibly file corruption.

 

If possible, you might want to back up your tax file and try transferring your 2019 return to a new 2020 return. 

 

Beyond that, this is difficult to troubleshoot on this medium, so you might want to contact phone Support.

 

What is the TurboTax phone number? (intuit.com)

Anonymous
Not applicable

Business & farm

I have the same issue. No changes to partnership info from previous year. Partnership gains and losses are split evenly. One K1 shows a value on line 14, the other K1 does not.

 

I have already filed the federal return. Do I need to file an amended return and associated amended K1s?

Business & farm

Line 14, being income from self-employment, is important so you need to take corrective action. 

Business & farm

@Anonymous 

  • What boxes are checked on each K-1 line G?
  • Is the same box checked for each K-1?
  • If Line G box 1 (GP or LLC member-manager) is checked, then line 14 will be populated.
  • If Line G box 2 (LP or other LLC member) is checked, then line 14 will not be populated.
  • After responding to the question, is the appropriate box checked for the respective member?
  • The K-1 isn't worded the best, but it is how TT will determine how box 14 is addressed

 

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

Business & farm

i think with two of us reporting this issue we have discovered a program glitch 

--Im waiting to file until TT resolves this issue

Business & farm

@OldCarGuy the original was asked for last years filing season.  I am fairly confident any glitch was corrected.  In addition, my follow-up questions related to this year have not been answered.  One question related to this filing season does not justify a "glitch" in my mind at this point. 

And if you are experiencing this same issue for 2021 form 1065, then answer my questions as related to your tax return.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

Business & farm

Rick, I have answered so many questions regarding this 1040 problem I can't remember if you were one of them

--after answering at least 4 difference people by re-entering all my data with no improvement, the last contact asked me to send my return to TT for analysis -- they (TT) confirmed that the system was NOT operating as expected -- I am just trying to get me taxes done -- the last 3 years have been a breeze but this year started with the business sys not importing the 2019 partner share information -- after three experts called me I was told to re-enter the data manually -- I am just as frustrated as you sound in your message.

Business & farm

Line 14 of the K1 shows income for both partners

These amounts are entered as K1 income in the personal return

The SE tax is still abnormally low -- line 23 has about $3000 tax -- last year was $8000

--but income from K1's has doubled

I almost ready to give up

MarilynG1
Expert Alumni

Business & farm

What was your Net Business Income on Schedule C compared to last year?  You mention that your SE tax was much higher last year. 

 

Were your Business Expenses higher this year? 

 

Since we can't see your return in this forum, you may want to contact TurboTax Live to review your entries and find any anomalies in your return.

 

Click this link for some info on Self Employment Tax.

 

As far as your K-1 Box 14 Earnings being double, are you and your spouse partners and the K-1 is reporting both your incomes on the same form? (you should each have your own).  

 

This link has info on Schedule C and K-1 you may find helpful. 

 

 

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Business & farm

thanks you for your reply

--i sent an "analytical" copy of my return to TT 2 weeks ago -- TT acknowledged that the SE fields were blank, and they should have populated  -- I've checked every entry still no SE income except a small W2

Yes my wife is 50% partner -- she has her own K1

 

I've manually calculated the SE tax and it's $8,000 higher than the TT result

-- If I submit the TT result, I'm sure it will bounce 

 

I will try the "live link" -- maybe that will help