Schedule 1065 - Analysis of Net Income (Loss)

[kgraghu]

I am using Turbo Tax Business, In "Analysis of Net Income (Loss)" section of schedule 1065 shows partner type as "Individual Active" but my last year filing done by CPA shows partner type as "Individual Passive" . On that basis, the turbo tax arrives partner type and how to fix this? Thanks! 

[AliciaP1]

Can you clarify what is the formation of your business (General Partnership, Multi-member LLC, Limited Partnership)?

@kgraghu 

[Anonymous_]

Enter Forms Mode and check your K-1s (see screenshot).

[kgraghu]

Thanks! The K1 which has exactly this way comes correctly.  The second K1 which is marked as General Partner / Domestic Partner and entered as Disregarded Entity as partner type shows RIG in NJ K1 but my last year filing has RPG.

[kgraghu]

Thanks! I have one LP and one LLC. The LLC is General Partner in LP and I am member in both. Both doesn't have any other members. LP is a Hedge Fund incubator.

[Anonymous_]

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@kgraghu wrote:

The LLC is General Partner....

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You have to indicate in the program that the LP was not actively involved in running the business (i.e., did not materially participate).

[AliciaP1 · Accepted solution]

You can follow these steps to change your personal activities in the LP since the LLC is the General Partner:

1. Within your tax return, under the Business Info tab and Partner/Member Information click Edit for you
2. Continue until you get to the Describe This Partner screen and mark the Limited Partner box
3. Continue and on the Tell Us More About This Partner screen mark the box for A partner that is not actively involved in running the business.

@kgraghu 

[kgraghu]

Great, worked😀, Thank you very much!