Hi,
I have a K1 for a real estate partnership and Turbotax doesn't appear to be able to handle it correctly from what I can tell. Here's my scenario:
1) Box 2 shows a loss (call it -15,000)
2) Box 5 shows a small gain on interest (call it 2,000)
3) Statement A shows 4 pass-thru entities which comprise the losses, along with some values for UBIA of qualified property, W-2 wages, and other deductions
So my three questions are:
1) no-matter what I enter, it doesn't seem that the loss on box 2 goes anywhere. It's my understanding its supposed to go the Schedule E. Is there a bug or am I doing something wrong?
2) for the statement A items (pass-thru entities), it's my understanding I need to create multiple K1s in turbotax to handle this from other postings. But, I don't see how I can easily do this as I would have to have values for all the K1 form items per entity, which I don't have. Is there any reason I can't just sum all the items for the pass thru entities and report as one thing? I would assume that would have the same net effect.
3) Even if I do input the Statement A items (like with my first question), it doesn't seem that the data results in any effect on my taxes.
Thank you in advance for any help you can provide.
