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Item L is for informational purposes. What's in boxes 1 - 20?
No. Box 5 is interest income, that goes on Schedule B.
What's the code in box 11?
Box 14 is Self-employment earnings, I guess you mean box 13. This will go on Schedule A as investment expense. But this is not enough to itemize, so unless you have more deductions, it will probably not benefit you much.
By the way, you live outside US but are you US citizen or green card holder?
not exactly. You have to break it down and you may not be able to deduct everything. L is not your net income. It is status of partnership capital accounts. Sort of like your partnership Net Worth.
Thank you for the upload. It helps. Give me few minutes.
All right. Box 5 is your total interest income that is reduced by box 11F and the total is in box 20a. On your schedule B you will have 2 lines:
first line: K1 interest income = 60,110
second line: K1 charge off losses = -7,919
You can deduct 13K on schedule A but if this is your only income (keep in mind that you are required to report your worldwide income), you will not have enough to itemize so it will not benefit you.
The software should allow you enter the entire K1 line by line. Look for business section and let the do it for you. Do not just enter net interest income because the IRS software will not be able to match it with the K1. You have to break it down as on your k1.
no, 1099 is not K1. You may need to get different version. Are you using the online free version?
The free version will not support k1 because it does not have certain forms. It will report the interest as bank interest and the IRS software will not be able to match it, which means you will get an under reporting notice. You will have to do it on paper or get different software or version.
Here are forms and schedules supported by HRB online: https://www.hrblock.com/pdf/HRB-Online-Fed-Forms.pdf You need at least the Deluxe version.
Does it? If it does than use the Basic. I clicked on the "Have investment" tab on the top and it only showed me Deluxe version.
Just called HRB online support and was told that the Basic supports K1s. It is not considered an investment.
Is there anything else I can help you with today?