topic 1065 schedule K-1 box 14 in After you file

1065 schedule K-1 box 14

roper — Wed, 14 Oct 2020 17:07:01 GMT

In years past, ordinary business loss designated in box 1 of schedule K of form 1065 was repeated, as the exact same negative number, in box 14 a, coming from line 22 of the first page of form 1065. For some reason, in 2019, the negative number in box 1 of schedule K , indicating ordinary business loss, is not repeated in box 14a, but is replaced by a higher positive number which seems to dramatically increase my tax burden. I have no idea where that number is coming from.

Re: 1065 schedule K-1 box 14

Anonymous_ — Wed, 14 Oct 2020 17:33:15 GMT

You need to check your entire return (1065) and pay particular attention as to whether you (intentionally or inadvertently) entered guaranteed payments to one or more partners.

Re: 1065 schedule K-1 box 14

roper — Wed, 14 Oct 2020 20:46:43 GMT

Thanks for your reply. No guaranteed payments on line 4 of schedule K. Actually, very few entries on schedule K. A negative number in box 1, a positive number in box 2, fairly small numbers in 13 a, 17 a and 18 C. But again, that very large positive number in 14a which, again, in years past, has been the same negative number from line 1. Any other ideas?

Re: 1065 schedule K-1 box 14

Anonymous_ — Wed, 14 Oct 2020 21:34:30 GMT

@roper wrote:

Any other ideas?

Not really other than to contact Support (link below); they can most likely figure out whether there is a program or input error.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Re: 1065 schedule K-1 box 14

Anonymous — Thu, 15 Oct 2020 06:38:01 GMT

if the actual k-1 shows a large number in box 14a but a loss in box 1 the only one who can clarify this is the preparer. if I was a betting person I would bet 14a is in error. but if I'm correct it means that amended k-1's need to be filed otherwise you'll have an issue with the IRS.