topic My K-1 amounts appear in the Income Summary as $0. What has changed in the new tax law to cause this to happen? in Retirement tax questions

My K-1 amounts appear in the Income Summary as $0. What has changed in the new tax law to cause this to happen?

bobbychapman4 — Sat, 01 Jun 2019 20:32:08 GMT

On the Income Summary page, under Partnerships and K-1's, my 2017 amount is shown in gray. After inputting my K-1s for 2018, the summary page shows the amount of $0. Then I looked at the Form 1040 and do not see the section where Income from partnerships and K-1's has been reported in the past. Is this correct that TurboTax is showing $0 even after I entered my K-1's?

is there a profit or loss for 2018? is the partnership...

Anonymous — Sat, 01 Jun 2019 20:32:09 GMT

is there a profit or loss for 2018? is the partnership a publicly traded one (there will be a boxed checked on K-1 at upper left)? if loss do you have basis and are you at-risk? .

k-1 profit and loss is now on schedule 1 line 17 so check to see if an amount there. the net of schedule 1 thru 5 now appears on line 6 of 1040.

TaxPro+40, thank you for the answer. I see the Schedule 1...

bobbychapman4 — Sat, 01 Jun 2019 20:32:10 GMT

TaxPro+40, thank you for the answer. I see the Schedule 1 now. Unfortunately, the amount there is $0. My K-1 has $0 in Box 1 and $-7,814 in Box 2. In previous years of using TurboTax, I would have entered two K-1's, one for Box 1 and the other for Box 2, then only list the amounts for Boxes 4-20 on one of the K-1's. Since there was no income or loss in Box 1 this year, I only entered one K-1. Should I delete the K-1 and start over by entering two K-1's in TT? I would think that with a net real estate loss of $7,814 in Box 2, that this amount or some other loss amount should transfer to Schedule 1. My Schedule 1 Line 17 is showing $0. This is not a publicly traded partnership, BTW. And my money is at risk and I did contribute capital to the partnership.