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Help with LLC K1 box 14

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 

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3 Replies

Help with LLC K1 box 14

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.

Help with LLC K1 box 14

 

Help with LLC K1 box 14

@Mike9241 

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 

 

TurboTax_jlJ94zhN64.png

 

 

then it gives me an option to choose the nonfarm method. 

 

9kW060s9Bi.png

 

 

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! 

 

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