topic K-1 filed out but does not show up in 2020 Income summary in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880264#M672290 <P>I have a K-1 and it has a large loss.&nbsp; I entered all the info and double checked to see if it was there, but it does not show up in the 2020 income summary and the large loss is not reflected in my tax owed.&nbsp; &nbsp;I assume it is operator error......what have I done wrong?</P> Sat, 06 Feb 2021 01:12:25 GMT dentist47 2021-02-06T01:12:25Z K-1 filed out but does not show up in 2020 Income summary https://ttlc.intuit.com/community/taxes/discussion/k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880264#M672290 <P>I have a K-1 and it has a large loss.&nbsp; I entered all the info and double checked to see if it was there, but it does not show up in the 2020 income summary and the large loss is not reflected in my tax owed.&nbsp; &nbsp;I assume it is operator error......what have I done wrong?</P> Sat, 06 Feb 2021 01:12:25 GMT https://ttlc.intuit.com/community/taxes/discussion/k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880264#M672290 dentist47 2021-02-06T01:12:25Z Re: K-1 filed out but does not show up in 2020 Income summary https://ttlc.intuit.com/community/taxes/discussion/re-k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880397#M672340 <P>Click this link for info that may resolve your&nbsp;<A href="https://ttlc.intuit.com/community/after-you-file/discussion/my-ordinary-business-loss-on-my-k-1-is-not-showing-up-on-my-federal-return-why-not/00/39208" target="_blank">Loss on K-1</A>&nbsp;issue.</P> Sat, 06 Feb 2021 01:43:08 GMT https://ttlc.intuit.com/community/taxes/discussion/re-k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880397#M672340 MarilynG1 2021-02-06T01:43:08Z Re: K-1 filed out but does not show up in 2020 Income summary https://ttlc.intuit.com/community/taxes/discussion/re-k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880401#M672341 <P>if the loss is on line 1 (business) and you did not materially participate, the loss isn't allowed. the same is true if the loss is on line 2 (rental real estate) with no active participation. if it's on line 2 and you actively participated, the loss is limited to a maximum of $25,000 if adjusted gross income is under $150,000, $0 if over.&nbsp;finally, if the loss is from a publicly traded partnership the loss is not allowed.&nbsp; &nbsp;one other thing, the allowable loss, if any, can not exceed your tax basis.&nbsp;&nbsp;if none of these apply to you then you probably answered a question incorrectly,&nbsp; &nbsp;we can see your return. perhaps if you provide us with more information we could help you further. Amounts are not necessary.&nbsp;</P> <P>&nbsp;</P> Sat, 06 Feb 2021 01:43:51 GMT https://ttlc.intuit.com/community/taxes/discussion/re-k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880401#M672341 Mike9241 2021-02-06T01:43:51Z
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topic K-1 filed out but does not show up in 2020 Income summary in Get your taxes done using TurboTax
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https://ttlc.intuit.com/community/taxes/discussion/k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880264#M672290
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<P>I have a K-1 and it has a large loss.&nbsp; I entered all the info and double checked to see if it was there, but it does not show up in the 2020 income summary and the large loss is not reflected in my tax owed.&nbsp; &nbsp;I assume it is operator error......what have I done wrong?</P>
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K-1 filed out but does not show up in 2020 Income summary
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https://ttlc.intuit.com/community/taxes/discussion/k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880264#M672290
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<P>I have a K-1 and it has a large loss.&nbsp; I entered all the info and double checked to see if it was there, but it does not show up in the 2020 income summary and the large loss is not reflected in my tax owed.&nbsp; &nbsp;I assume it is operator error......what have I done wrong?</P>
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Re: K-1 filed out but does not show up in 2020 Income summary
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https://ttlc.intuit.com/community/taxes/discussion/re-k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880397#M672340
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<P>Click this link for info that may resolve your&nbsp;<A href="https://ttlc.intuit.com/community/after-you-file/discussion/my-ordinary-business-loss-on-my-k-1-is-not-showing-up-on-my-federal-return-why-not/00/39208" target="_blank">Loss on K-1</A>&nbsp;issue.</P>
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https://ttlc.intuit.com/community/taxes/discussion/re-k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880397#M672340
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Re: K-1 filed out but does not show up in 2020 Income summary
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https://ttlc.intuit.com/community/taxes/discussion/re-k-1-filed-out-but-does-not-show-up-in-2020-income-summary/01/1880401#M672341
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<P>if the loss is on line 1 (business) and you did not materially participate, the loss isn't allowed. the same is true if the loss is on line 2 (rental real estate) with no active participation. if it's on line 2 and you actively participated, the loss is limited to a maximum of $25,000 if adjusted gross income is under $150,000, $0 if over.&nbsp;finally, if the loss is from a publicly traded partnership the loss is not allowed.&nbsp; &nbsp;one other thing, the allowable loss, if any, can not exceed your tax basis.&nbsp;&nbsp;if none of these apply to you then you probably answered a question incorrectly,&nbsp; &nbsp;we can see your return. perhaps if you provide us with more information we could help you further. Amounts are not necessary.&nbsp;</P> <P>&nbsp;</P>
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