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Hi. My name is ***** ***** I will be happy to help you.
What participation box are you talking about? Schedule E, Schedule C or something else?
Also can you preview the return and tell me what is changing? Your AGI? Your deductions or credits?
It could be several reasons. Where the income on Schedule E is coming from? Rental income or K1? What's the Schedule E outcome? Profit or loss?
The refund could change because your AGI increased, type of income/loss has changed, higher AGI changed your deduction or disallowed a credit, or if the income on Schedule E is from partnership K1 it could be self-employment tax.
K1 always goes through Schedule E and schedule E never goes through schedule C. Schedule C is for profit and loss from business. If you have K1 income, it is from corporation or partnership.
What type of K1 do you have and what's reported on it? K1 usually reports more than just one item.
What is exactly reported on your K1 line 1 through 20? Can you upload it? Do you have anything else on Schedule E beside the K1 income? It may not be the K1 that is changing your refund.
this does not show how it affects your income. It is not the self-employment tax so it must be your AGI or one of the credits or deductions claimed. But without a return or at least know how it is changing the return is hard to say. There could be dozen of reason why. Tax return is a complex set of calculations and change in your income or type of income can affect several deductions or credits, or even generate certain penalties.
I am sorry. I do not know. I will opt out and have somebody else help you.
Hi from Just Answer. I'm PDtax. Since the first expert opted out, I can assist.
The best way to assist is to review the return you prepared. I'll make an Offer to assist.
Since the filing deadline is coming up, I ask that my Offer be accepted or rejected by 12:00 noon EST so I have time to receive your return pages, review the issue, and advise, this afternoon.
I looked at the Turb**** K-1 worksheet you posted, and I see some of the reasons for your errors. Just not all.
Since I really need to review the rest of the return to see the second half of your filing errors, and my noon EST deadline was not met, I will opt out.
Hi. Just saw the expert opt out. Do you need any help with this? Thank you.
Hi. Just want to confirm. Is the Schedule E (rental property) business separate from the business reflected on the K-1? Thank you.
If you did not mark the material participation option on your Schedule E, you can use passive losses against passive income. If you marked material participation in Schedule E - your passive losses cannot be used, since Schedule E income would be considered ordinary income.
I have just received your attachments - the answer is above. Let me know if you have any questions.
Let me know if you have any questions. Thank you.