- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My husband and I am limited partners in my son's LLC. It is set up that he owned 100% of the profit and losses, and 80% of the capital. My husband and I own 20% of the capital. In Turbo Tax, we allocate the income based on the profit. This creates a K1 for us that has no income on it. Do I have to record and account for this K-1 in my taxes?
Topics:
posted
February 2, 20239:35 AM
last updatedFebruary 02, 20239:35 AM
3
1,024
Connect with an expert
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
3 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
K1 filing with no income
No, if there is no income or loss on the K-1, you would not be able to include it on your return. It would generate an error if you tried.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
February 2, 202310:08 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
K1 filing with no income
Thanks for the response, but actually I don't get an error. It just lets me go thru it, line by line, entering 0. It's not a big deal, just a lot of questions to address if it's not needed.
February 2, 202310:18 AM
1
974
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
K1 filing with no income
It is not needed.
Generally, the errors do not occur until you are ready to submit and it does the final check. Either way, you do not need to include it as it will not make a difference on your return since you have no income from it.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
February 2, 202310:41 AM
Still have questions?
