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Level 3
posted Mar 15, 2021 11:28:44 AM

Why did my refund go way down after entering my K-1 1065 this year?

I had several thousand dollars in income in my K-1 1065, but my Ending Capital account was still positive.  In years past, that income was not counted as part of my taxable income.  But this year it seems to be.  Has anyone else noticed this or know why this happened?  I'm using Premier Turbotax on the Web.  I haven't paid for it yet (I don't want to if TurboTax is not working right) so I can't print out my return to look through it, but I can tell from the summary it is counting my K-1 1065 income as taxable income.  I also noticed my refund go down by several hundred dollars as soon as I entered the K-1, despite it giving me a QBI deduction.

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1 Replies
Level 3
Mar 15, 2021 2:48:22 PM

Never mind, I was confusing Income with Distributions.  Never had this much income on the K-1, it was usually losses or income offset by carry-over losses, so never saw my refund drop like that after entering the K-1, it spooked me.  Sorry for the mis-post, I'd delete it if I knew how.