Hi very confused right now. I have a general partnership LLC and last year it only netted 21 dollars. I used turbo tax to generate the K1 for each of the partners, however for some reason my own K1 I now realized that on box 14, there is a box with the code "C" 'gross non-farm income of 4,486? I'm not sure where this number came from however now that I'm filing my income tax this is increasing my federal tax by about 450 dollars.
Can someone help? did I messed up somewhere in generating the the K1? Where would I need to go to ammend this since I did not allocate any earnings gross or otherwise to myself or to my other partner.
thank you
You'll need to sign in or create an account to connect with an expert.
on schedule SE you must have selected the nonfarm optional method otherwise 14C is not used in the 1040.
Line 14c on Schedule K is calculated by adding lines 3 and 7 from page 1 of Form 1065.
And line 3a from page 3, Form 1065, Sch K, minus line 7 on government Form 4835.
Will also pull from 14C of any partnership passthroughs entered in the return.
Cool thanks. I'm still confused though but I think I'm much closer to getting it correct now!
As of now tt only asks if I have a K1 and what boxes have values in them. I'm just following the wizard. At box 14 it has an option for me to choose different codes, screenshot below - I entered this
then it gives me an option to choose the nonfarm method.
When I say "NO" my tax does not increase, if I choose yes then it does, thus I'm going to say "NO". Is this the correct way to do this - just say "NO"? or do I need to amend my K1 to remove this C portion?
thanks!
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
randyb62
New Member
mosm
New Member
jadaadams44
Returning Member
emusen
Returning Member
mike021664
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.