topic K-1 in Get your taxes done using TurboTax

K-1

JU1 — Wed, 09 Apr 2025 02:22:14 GMT

Hi all, I am attaching the K-1 form showing that the only income listed is in box 14, and is coded A, which TurboTax defines as "tax-exempt." But Turbotax is still increasing my taxes due as a result of this K-1. Is something wrong, or is there a reason why this income that is labeled tax-exempt still might be increasing my taxes? Thank you!

Re: K-1

Mike9241 — Wed, 09 Apr 2025 02:38:29 GMT

A. tax-exempt interest for federal, possibly taxable for state

B. foreign taxes (?) seems strange since it is such a large amount when compared to A. also we have no idea what statement ZZ is stating

Re: K-1

JU1 — Wed, 09 Apr 2025 03:15:21 GMT

Hmm...but when I enter the value for the tax-exempt income, TurboTax shows federal taxes going up, not just state, even though it's all under tax-exempt. Any idea why that is? And here is the zz form if that helps. Thanks again!

Re: K-1

MarilynG1 — Wed, 09 Apr 2025 23:16:02 GMT

If you're looking at the Refund Meter, that doesn't necessarily have any bearing on what you just entered. It could change when you reach the end of a section.

The best way to see what is being taxed or not is to review your actual return and worksheets.

We can't see your return in this forum, but you can request an Expert Review.

@JU1