I have followed through the K-1 entry steps. The income reported was all in Box 5 for Investment Interest Income, and for box 13 it is Code H for Investment Interest Expense. However, TurboTax is not deducting the Investment Expense. Any idea why this may not be getting deducted so that the tax due is only on the net income (difference between Investment income and investment expense)? I am materially participating in this business and there is no income in Box 1.
... View more
Checkout this link: https://ttlc.intuit.com/questions/4382868-how-can-you-manually-input-information-into-turbo-tax-forms#collapse1 Re-Copied here: Click on the Forms icon in the upper right to switch to forms mode and open the form that contains the line item you want to override. Right-click the line item and select Override. On the Mac, choose Override from the Edit menu in TurboTax. Enter the value; it will turn red . Switch back to the interview by clicking Step-by-Step in the upper right corner. To reverse the override, follow the same directions except choose Cancel Override in Step 2 (on the Mac, uncheck Override in the Edit menu). When you run the final review, TurboTax will let you know if there are any overridden values in your return. If there are, you'll get an error message if you try to e-file your return.
... View more
We provide you with a way to opt-out of advertising activities on our websites
We leverage outside service providers who assist us with our marketing and advertising activities. Note: by opting-out of this tracking, you may still see Intuit advertisements, but they may not be tailored to your interests.