Dear All,
I have a question regarding my K-1 form. On page 1 of the form, I have losses/deductions on my ordinary business income (Part III, Box 1), section 179 deduction (Part III, Box 11), and other deductions (Part III, Box 12, A-charitable). I also have a page 8 called "Allocation of Loses and Deductions," which details each of these and breaks them down to allowable and disallowable losses.
I figured that part of the losses and deductions are disallowed due to my low basis as the sum of allowable losses and deductions are equal to my basis.
How do I enter these different values into Turbotax? I can only find one place to enter these values (e.g. ordinary business income/loss). I am afraid that if I enter the value from the first page it will be higher than the allowable, but if I enter the value from the last page it might not match the IRS data. Ideally, I should be able to enter both the allowable amount from the last page and the total amount from the first page.
Thank you very much for your help in advance!
Bela
posted
last updated
May 16, 2021
6:56 AM