Most likely, there is negative income that is offseting the income reported on the K-1 schedule. You can look at your Form 1040 Schedule 1 to see the items that affect your entry on line 8 for Form 1040, Other Income from Schedule 1, line 10. That is where your K-1 income would end up on your Form 1040. You may see what reducing your rental income on the Schedule 1.
You can view your form 1040 and schedules 1 to 3 while working in the online version of TurboTax by following these steps:
- Click on Tax Tools in the left menu bar
- Click on Tools
- Look under Other Helpful links….
- Choose View Tax Summary
- Look in the left menu bar and choose Preview my 1040
- Scroll down the page to see form 1040 and schedules 1 to 3
Also, you may have a deduction on your K-1 schedule, such as section 179 depreciation, that could be reducing the income reported on your Schedule K-1.
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