Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
NDTexas
Level 2

How do I calculate the missing value for Box 1 in K-1 from the other information in k-1?

There is information in many other boxes
1 Best answer

Accepted Solutions
DavidS127
Expert Alumni

How do I calculate the missing value for Box 1 in K-1 from the other information in k-1?

Box 11 of the partner's Schedule K-1 is for certain items of income, for which your partnership should provide a description.  See the IRS Partner Instructions for box 11 of your Schedule K-1 at this link.

 

Box 11 is not a substitute or alternative for properly reporting amounts that belong in boxes 1-10.  You should request and your partnership should provide you with a K-1 that is completed in accordance with the IRS instructions.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

3 Replies
CatinaT1
Employee Tax Expert

How do I calculate the missing value for Box 1 in K-1 from the other information in k-1?

You may not have anything in box 1, it is not something that is necessarily missing or that you need to calculate.  If you feel this is an error, you need to contact the issuer of the K-1.  It is not uncommon to not have an amount in box 1, but have other boxes completed.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
NDTexas
Level 2

How do I calculate the missing value for Box 1 in K-1 from the other information in k-1?

Thank you for your reply. But it does not resolve my doubts.  The K-1 Boxes 1 through 10 are empty, and only 11 shows income. The issuer says that they are not familiar with TurboTax, and that we should simply follow instructions, manually taking information from various boxes in K-1 and reporting it in Schedule E and other places. If we do that, we will not need TurboTax, right? But we want to use TurboTax instead. The problem is that: 

a) This partnership does provide a significant income, which in the past (when the income was reflected in Box 1 of K-1) resulted in significant tax liability, and logically it should.

b) If I enter all information from K-1 verbatim into TutboTax, leaving Box 1 empty, as it is empty in K-1, the tax liability resulting from K-1 is very small, much less than expected, which I suspect is wrong. Especially because in previous years, when the partnership used a different firm to generate K-1, and Box 1 reflected the real income, K-1's influence on tax liability was as expected. If the accounting firm is correct in their assertion that Box 1 does not need to be filled when reporting K-1 manually, I suspect TurboTax is lacking some calculations/functionality.

 

Could you please clarify?

Thank you

Naum

DavidS127
Expert Alumni

How do I calculate the missing value for Box 1 in K-1 from the other information in k-1?

Box 11 of the partner's Schedule K-1 is for certain items of income, for which your partnership should provide a description.  See the IRS Partner Instructions for box 11 of your Schedule K-1 at this link.

 

Box 11 is not a substitute or alternative for properly reporting amounts that belong in boxes 1-10.  You should request and your partnership should provide you with a K-1 that is completed in accordance with the IRS instructions.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings