K-1 Passthrough

[LisaSpears]

My K-1 Passthrough does not have Box 14 info yet the 1065 K-1s have the Box 1 loss showing up in Box 14 which is incorrect. I did not check the box that indicating that Box 14 applied. How do I correct this? 

[JotikaT2]

You will need to go back to the interview section where you entered your Schedule K-1 information so that Box 14 is not selected.  

To review this entry, follow these instructions to get back to the Schedule K-1 entry section.

1. Select Update to the right of Partnerships/LLCs (Form 1065) on the screen titled "Tell Us About Your Schedules K-1".
2. Then, select edit to the right of the applicable partnership name.
3. Proceed through the screens and answer the questions as applicable to your Schedule K-1 until you see the page titled "Check boxes that have an amount or are checked on the form."  
4. Make sure Box 14 does not have a check mark to the left of it. If it does, please unmark the box and select Continue.

[LisaSpears]

The box is NOT checked but it is still treating the income as s/e income. There is nowhere to indicate that we are limited partners of this passthrough which is something Turbo tax needs to address. What next? I may need to file an incorrect return if this can't be corrected.  Also is Intuit ever going to create the Business software for Macs?

[JotikaT2]

I recommend following these steps to ensure you have everything selected accordingly.

1. Log back into TurboTax and proceed to the Schedule K-1 input screens and select edit to the right of the applicable partnership K-1.
2. You will be asked to "Review your Information" on the following screen.  Review this and if all is correct, select yes.
3. When prompted to "Select the Type of Partner", make sure the box to the left of Limited Partner or Other LLC Member is marked and then click on Continue.
4. The next screen will ask you to check boxes for anything that applies to your partnership K-1.  Select the applicable boxes and then click Continue.
5. On the screen titled "Choose Type of Activity", select the applicable boxes as reflected on your Schedule K-1 and click Continue.
6. On the screen titled "Did You Participate?", make sure you select No.  
7. Continue through the screens and answer any applicable questions.  Then on the screen titled "Check boxes that have an amount or are checked on the form", go ahead and put a check mark to the left of Box 14.  This will bring up the screen that is generating the self-employment income.  Click Continue. (You'll do this as a workaround to delete the current input that is pulling up the self-employment income.  We will be removing it as you continue through the steps.)
8. The next screen will say "Enter Box 14 Info".  Under the column titled Enter Code, use the drop down arrow and switch the selection from "A - Net Earnings (Loss) From Self-Employment" to no selection so that no text shows up.  Make sure there is not an amount in the box and then click Continue.
9. Proceed through the screens until you reach the summary screen again.
10. Then I do recommend repeating the process to make sure your entries have saved.  You should not see Box 14 being populated at all.