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bear-2017
Returning Member

K1 Box 1 and Box 2 input income not reflecting the same as actual k1

I have input my K1 separate as instructed for box 1 and 2. However the income is showing much higher in Turbotax than on my K1. It seems TurboTax is not taking the net income and only showing the income from box 1. Am I doing something wrong?

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4 Replies

K1 Box 1 and Box 2 input income not reflecting the same as actual k1

You're probably not doing anything wrong provided the data was input correctly (by you).

 

Don't go by any figure displayed in the K-1 summary. 

K1 Box 1 and Box 2 input income not reflecting the same as actual k1

possibly. in prior year's k-1 lines 1, 2 an3 each had to be entered on a separate k-1. don't know about 2023 because it is not yet final. also, line 2 is passive which means the amount will first flow to form 8582. from there, an allowable amount will then be computed and will flow to schedule e page 2. 

bear-2017
Returning Member

K1 Box 1 and Box 2 input income not reflecting the same as actual k1

Does that happen after the wages and income tab? (this is for 2022) I know I am very late. Right now my income is showing box 1 plus w2's. First time with a box 2 entry.

dmertz
Level 15

K1 Box 1 and Box 2 input income not reflecting the same as actual k1

Dollar amounts in any of the other numbered boxes that follow are to be entered on only one of the Schedules K-1 in TurboTax.

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