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TT software K1 error

I have been working on this for weeks -

our LLC has 3 members

we lost money yet TT included 1/3 of our income as SE earnings

I've checked - we hvae no rental or roalitiy income -- boxes are blank - only service income

I've implimented all the prevous TT comunity answers

 

I think this is a programing error -- what else can i do to get the program to not repot and SE income 

 

 

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26 Replies
M-MTax
Level 15

TT software K1 error

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

TT software K1 error

yes -173

M-MTax
Level 15

TT software K1 error

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

TT software K1 error

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

TT software K1 error

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

M-MTax
Level 15

TT software K1 error

14A shows a loss?

TT software K1 error

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

TT software K1 error

YES 14 A shows the correct loss

M-MTax
Level 15

TT software K1 error

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

TT software K1 error

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

M-MTax
Level 15

TT software K1 error

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.

TT software K1 error

ok thanks 

--i see a support link above 

TT software K1 error

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

 

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