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wkojr71
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- Cheered Great point regarding Pub 17. For Social Security / Medi... for kevincoffman. February 17, 2020 7:12 AM
- Posted Re: Tuition Credit miscalculation on Deductions & credits. February 17, 2020 5:11 AM
- Cheered Re: Tuition Credit miscalculation for DavidS127. February 17, 2020 5:11 AM
- Cheered Re: Tuition Credit miscalculation for Hal_Al. February 17, 2020 5:11 AM
- Posted Tuition Credit miscalculation on Deductions & credits. February 16, 2020 6:11 AM
- Posted Excellent. Thank you, TaxGuyBill. So it seems Box 20 valu... on Business & farm. June 7, 2019 5:23 PM
- Posted Should I include all values in a K-1 entry with Box 1 or can I pair a Box 20 loss with a Box 2 gain to offset income? on Business & farm. June 7, 2019 5:23 PM
- Posted I have a follow-up question. If Box 1 shows a small loss... on Business & farm. June 7, 2019 4:23 PM
February 17, 2020
5:11 AM
Thanks for the replies here. The reply that walked through all the things to check is a great guide for others in understanding the form. I had completed the TT questions correctly, but this was a vary helpful summary to confirm. The reply that explained how to delete was also helpful. I kept going back through and trying to fix by answering and could not. I was afraid I was going to need to start my return over. The advice to delete at the summary section could save someone a lot of time. I ended up fixing the problem by pulling up the forms. Information was in the correct place, but the form had left blank several critical places. I edited the form directly and ran the calculation and that worked.
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February 16, 2020
6:11 AM
I have an 18-year-old daughter in her first year of college. Despite being enrolled in a qualifying degree program and entering 1098-T info that shows tuition as greater than scholarships, TurboTax is telling me (on my taxes): a) scholarship $ have to be entered as income on her taxes because she did not have tuition expenses for scholarship and b) she does not qualify for credits because she is not enrolled in a degree program. I've gone back multiple times trying to correct entry, but cannot fix. TT is giving me a $4000 tuition deduction as my best option. (TurboTax Home and Business 2019)
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June 7, 2019
5:23 PM
Excellent. Thank you, TaxGuyBill. So it seems Box 20 value coded "Z" for "qualified business income" would go with the box 1 k-1. On the second tt k1 for box 2, I'd simply leave box 20 empty.
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June 7, 2019
5:23 PM
I'm wondering of there is any advantage or rules as to the handling the different entries Turbo Tax requires for K-1s with values in multiple boxes.
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June 7, 2019
4:23 PM
I have a follow-up question. If Box 1 shows a small loss and Box 2 shows a substantial gain AND Box 20 Z Qualified Business Income is a loss, then must I enter Box 20 with my Box 1 entry or is there an advantage to include that line with my Box 2 entry to offset that gain?
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