The entire loss from the K-1 that I received is being applied to my return. My percentage of that loss should only be applied. The specialists are saying that there isn't anywhere to input that. But, I should NOT have the entire loss being deducted from my income, as it is being now from line 10. Anybody know?
K-1s only report the recipient's portion of income.
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"The specialists"
Who are these people? Where did you get the K-1 from? Are you using ProConnect?
You seem to be lost on the internet.
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Thanks.
It sounds like the K-1 needs to be corrected. If it is showing the whole amount instead of just the partner's portion, then it needs to be adjusted to show the portion of the amount that applies to that partner via the ownership percentage.
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