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Level 2

Question

K-1 Calculation Issue

Forum|Forum|1 year ago
October 24, 2024
1 reply
0 views

Are there any know calculation issues in TurboTax 2023 online for K-1s? I received a delayed K-1 and am trying to file an amended return. I was an active partner and the K-1 assigns me a loss but TurboTax is saying that I am going to owe money. The new K-1 is the only new information i'm adding to my tax return.

TurboTax Deluxe Online

Level 15

Income from the K1 might have reduced one or more of your credits. Was there other income on the K1?

Level 2

There was interest income and short-term capital gain but like I mentioned overall I was assigned roughly a $500 loss.

Level 15

Was there material participation? You said "active". What about interest and STCG? Those are both taxed at ordinary income tax rates.