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k-1 loss

Forum|Forum|6 years ago
June 27, 2020
9 replies
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I have a K-1 loss of $11,228. It does not show up online 7a f 1040 (from Schedule 1, line 9)as a deduction to lower my taxable income. Please help or explain what I am missing? Thank you, Steve

ProSeries Basic

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Best answer by ayavari

I have no clue what your role in the S-Corp is.

Did you mark the materially participated box next to Line 1 of the K-1 worksheet?

Thank you so much! That was the problem. I had not checked the box"materially participated", now, I did and everything is verything is fine now. It shows the loss of 1040 under other income. Much appreciated. Steve

Intuit Community Champion

Intuit Community Champion

Is it unallowed? Look for Form 8582.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Level 2

Hi,

Thank you for a quick response, however, this is K-1 loss from an S-corp not from schedule E, passive activity loss?

Can you explain a bit more?

Thank you,

Steve.

Intuit Community Champion

Intuit Community Champion

So you have a negative amount on Line 1 of the K-1? Did you materially participate in the business?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Level 15

"...Isn't it the reason why we establish S-corps?" No, it isn't. It's for liability protection and possible savings on SE tax.

How was this 'loss' generated?

WAS a W-2 generated?

ARE you a professional tax preparer?

HumanKind... Be Both

Level 6

steve did you list it as "passive" or material participation?