All Posts

there is no line 22 on a 1065 K-1.  your situation is uncleared because the IRS has no clarified reporting for tiered partnerships   in other words, the profits, losses other income and deductions for each MLP reported on your k-1 may need to be separately reported in Turbotax. There should have been a letter of explanation describing the situation in your k-1 package. the QBI info entries would follow the MLP entries. if you use 1 k-1 you'll need to total them   

Was it this?   TURBOTAX TOOK MONEY OUT OF MY  ACCOUNT Did you choose to have your TurboTax fees deducted from your federal refund?  Is your refund taking an unusually long time to arrive?  Or was your refund seized to pay a debt you owed? if so, you signed an agreement that says TT can withdraw its fees from your account.  TurboTax would have sent several emails to you before they took the money out of your account.   https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/bank-account-auto-debited-turbotax-fees/L3rDdVynu_US_en_US?uid=m6bdgedq   TURBOTAX SAYS: How do you justify debiting my account? The provision is spelled out in the Pay With My Refund Agreement, which you agreed to when you opted to pay with your refund. In addition, by clicking the "I Agree" button below, you electronically sign and authorize Intuit (through its third party processor) to debit the TurboTax Fees, Additional Products and Services Purchased and any applicable sales tax from your bank account number identified in the Agreement below, in the event that you do not receive a tax refund that is sufficient to pay for them.       How can I see my TurboTax  fees?      https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/review-fees-turbotax-online/L1XnIzgzg_US_en_US?uid=m682vq7k  

Yes, TurboTax offers the option to deduct your TurboTax Full Service fees from your federal (not state) refund. This option is called Pay With My Refund (also known as Refund Processing Service), and there’s a $40 processing fee charged by the third-party bank that handles the transaction.

1065 instructions for 14B  self-employment under the farm optional method on Schedule SE (Form 1040), Part II. However, thus may be inconsistent with the rules for the FOM.   see the instructions for Form 1040-SE https://www.irs.gov/pub/irs-pdf/i1040sse.pdf   

If your business is no longer trying to earn income, it is closed so no more expenses can be taken after that date (unless the expenses are a direct result for when the business was open).  Just because your registration has not expired does not mean your business is still 'open' and trying to earn income.

If you are self-employed, you will still owe self-employment tax (Social Security and Medicare tax).   If have any income that does not fall under the exclusion, that will likely result in income tax.   As for your actual question, I'm not sure how TurboTax is set up.  Logically, you should enter it on Schedule C then as a second step in the foreign exclusion section indicate that is the amount that is eligible to be excluded.  But I am not certain how TurboTax is set up.

@erin-lynn-mcintosh wrote: The code is B for box 14, is that the problem?   Yes.  There isn't also a code "A"?   Did the business have a profit in Box 1?  Or Guaranteed Payments in Box 4?  Or if box 1 is a loss, is Box 4 larger than the loss in Box 1?