Question

K1's, Item 11Z

Forum|Forum|2 years ago
April 12, 2024
1 reply
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Hello,

I've been receiving K1's from a partnership for the past few years. Historically (2022 and prior), they categorized income as 11i in my K1, which Turbotax prompted that I need to enter in this data elsewhere. I tested this by changing this income to something ridiculous like $5,000,000, and noted that taxes due did not change. I handled this by adding a line under my interest income to account for this.

This year, the K1 categorized loss (and another K1 categorized income) under 11z. TurboTax does not prompt that I need to enter this elsewhere, however, when I change this income to something like $5,000,000, I still do not see a change in taxes due.

Is this an error in TurboTax? Should I enter in K1 11z elsewhere to properly catch this?

Thank you!

N

nexchap

The K-1 section of the interview lacks a bunch of warnings. You can see most warnings if you review your entries in the 'Forms' section, where unsupported items are marked with an *. Your 5,000,000 dummy entries are also a good test.

**Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!