Schedule K1 form

Forum|Forum|2 years ago
March 21, 2024
1 reply
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On my schedule K1 form, it says that if you have numbers on part 3, boxes 1-3, you have to fill out multiple k1 forms on TT. However, on my part 3, box 1, it is a 0. On box 2, it is an actual number (-4000). Do I still have to do multiple k1 forms, including the one for box 1 where is has a zero? Because I have interest income in box 5, when I entered the k1 for box 2, i'm getting taxed twice on that box 5. Thank you.

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ThomasM125

Level 15

You only need to make one K-1 entry since the amount in box 1 is $0 and you don't have an entry in box 3. So, just make the k-1 entry for the box 2 amount and include the rest of the K-1 numbers after box 3 on that entry.

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genius7kAuthor

Level 2

Thanks for the response. Also, had another question. On the section "we need some information about your 199A income." On my K1 form, it says for "renal income (loss)" the number is -4037. When I put -4037 on turbotax, it doesn't change my federal refund. However, if I just put 4037 (without the negative), it reduces my federal refund. Do I put the negative number, or does turbotax already know it's a negative, and I don't add the negative part? Thanks.

PatriciaV

Level 15

No, you need to enter the number as it appears on your Schedule K-1. The line for "income(loss)" assumes a positive number is income and a negative number is a loss. This flows to the QBI calculation, which may not be affected by a loss (negative amount). That's why it doesn't affect your federal refund.

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