TT software K1 error

Look at your 1065. Is there a positive number on Line 23?

yes -173

Then that number will wind up on the K-1s on Lines 1 and 14

sorry -- you asked if we had a positive number on line 23 -- NO its a negitive 173

and it shows up on K1 line 14 A but 14C shows a gain = 1/3 of our revenue 

14A shows a loss?

Schedule K shows this ammount as "no farm income" -- do not understand

YES 14 A shows the correct loss

Nonfarm income. That's the figure you use for self-employment net earnings on your personal income tax return.

but how can we have any SE income from an LLC loss??

I don't know because I can't see your return. Are there any income items in Schedule K of your 1065?

You might want to contact Support; they have the ability to see your return with sharing.

ok thanks 

--i see a support link above 

the link only has "stock" answers -- how to hire an expert

https://ttlc.intuit.com/turbotax-support/en-us/contact/

I cant find a way to discuss this software error with a person

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@OldCarGuy wrote:

and it shows up on K1 line 14 A but 14C shows a gain = 1/3 of our revenue 

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That is correct.

Code "A" means your profit that you NEED to pay self-employment tax for a profit.

Code "C" is an optional way if you CHOOSE to pay self-employment tax for certain reasons.

1-800-446-8848

....and it's possible this is an input error.

@AmeliesUncle 

The stated claim here is that @OldCarGuy's LLC is showing a net loss on the 1065 but the K-1s are showing a positive figure subject to self-employment tax.

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@M-MTax wrote:

@AmeliesUncle 

 

The stated claim here is that @OldCarGuy's LLC is showing a net loss on the 1065 but the K-1s are showing a positive figure subject to self-employment tax.

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No, he said Box 14A is a negative number, which is correct.

Box 14C will always be a positive number because it is based on gross income, not profit.  It is for the optional way to calculate SE tax.

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@AmeliesUncle wrote:

Box 14C will always be a positive number because it is based on gross income...

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OK, I missed the part where he wrote that entirely. I read the one post as saying that both Line 14 figures were negative.

do i need to include this number on my K1s 

if yes, must the partners include in their personal returns 

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@OldCarGuy wrote:

do i need to include this number on my K1s 

if yes, must the partners include in their personal returns 

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Yes and yes.

But unless the partners on their personal returns make the CHOICE to use the optional method of calculating SE tax, Box 14C will have no effect on anything.

i believe i have uncovered the "error" -- still on hold to explain it to the TT expert

I've gone over my past returns -- all of them calculate the alternate SE and show it in schedule K page 5 line 14c

---if the LLC earning are positive -- the system includes the non-farm earning on K1 line 14C

BUT if the earning are negitive it does not list anything in Box 14 of the K1 -- which is correct

SO there is an error in the 2025 program -- a change from all prior years

since i can't get anyone to talk to me I hope those of you at level 15 can get this message to teck support or to whom ever needs to know 

thanks 

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@OldCarGuy wrote:

 

BUT if the earning are negitive it does not list anything in Box 14 of the K1 -- which is correct

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No, that is not correct.  A loss (negative earnings) should still have the numbers in Box 14 because code "C" allows the optional method of SE tax.

IF prior years were not doing that, then the prior years had an error and this year has been corrected.