topic While filling in my K-1, my taxes jumped up by $400, when my K-1 only shows $1,200 of gain. What can I do to fix this? in Get your taxes done using TurboTax

While filling in my K-1, my taxes jumped up by $400, when my K-1 only shows $1,200 of gain. What can I do to fix this?

sebasnieves — Sat, 01 Jun 2019 20:10:30 GMT

Unfortunately, that is most likely correct. While there i...

CaronM — Sat, 01 Jun 2019 20:10:31 GMT

Unfortunately, that is most likely correct. While there is only $1200 of income on the K-1, it probably is subject to self employment taxes, which are an additional 15.3% on top of your income tax.

Thank you so much for your insight!

sebasnieves — Sat, 01 Jun 2019 20:10:32 GMT

Thank you so much for your insight!