Schedule K1

Forum|Forum|3 years ago
March 29, 2023
1 reply
4 views

I would like where do I report ordinary business income loss on 1040, thank you.

TurboTax Business Windows

ThomasM125

Level 15

You reference a K-1 schedule, so I assume you want to report the ordinary loss listed on a K-1 schedule on your personal tax return. You can follow these steps to enter the K-1 schedule in TurboTax:

Choose the Federal option on your left menu bar
Choose Wages & Income
Choose Business Investment and Estate/Trust Income
Choose Schedule K-1 and follow the instructions

You must indicate in TurboTax that you are at risk and materially participate in the venture for the loss to be deductible against ordinary income on your personal tax return.

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Pasor497 Author

Level 2

Thank you for your replied, I guess I need turbo tax business, I am using TurboTax home and business because it said if you have a corporation partnership or multi-member LLC I have to use turbo tax business.

MinhT1

Level 15

If you wish to prepare the tax return of a business (LLC/partnership, S-corporation or C-corporation) then you have to use TurboTax Business which can be purchased HERE.

If the business is a LLC/partnership or S-corp, TurboTax Business will prepare for each member/shareholder a Schedule K-1 which is to be entered on the member/shareholder's personal tax return as indicated above by Tax expert @ThomasM125

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