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I received a K1 and I don't think it was filled out

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I received a K1...

I received a K1 and I don't think it was filled out correctly. I'm trying to find information to interpret the form

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

What would you like to know?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I'm assume they would want to see the K1 form

Submitted: 3 months ago.Category: Tax
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3/25/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,203
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

There should be a number in the left upper side of the K1 (1065, 1120, 1120S, 1041) please tell me which is on your K1.

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Customer reply replied 3 months ago
1065
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

Thanks, ***** ***** box or section do you question about the partnership K1? If you just want a guide look to this page

https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf

Page 2 identifies the codes used on Schedule K-1 for all partners and provides summarized reporting information for partners who file Form 1040.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

Please let me know

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Customer reply replied 3 months ago
Well, I don't understand the meaning of some (most) of the form fields. For instance, the person who filled this out states:G - (both are checked)
x - General Partner
x - Domestic Partner
Then on I1 - (writes in) IndividualPart III1. 4,34814
A - 4,348
B - 5,00019 A - 2500
Customer reply replied 3 months ago
this should be pretty cut and dry. The LLC made $10,000 in 2017. I am 50% member. I was given I distribution of $2500. We had expenses totaling over 1K (I can get the exact number.)
Customer reply replied 3 months ago
I enter this into Turbo Tax and the amount it deducts from my return seems abnormally high.
Customer reply replied 3 months ago
My partner did not take a distribution in 2017, so his looks the same, but nothing in the field 19.
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

You just enter that exactly as it is shown on your K1. It i pretty cut and dry. All profits or losses just flow to the partners with or without any distributions..

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Customer reply replied 3 months ago
My question is not how do I enter this information into TurboTax. I am asking you to explain the K-1, and confirm it was filled out correctly. I do not think it was
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

TurboTax generally allows for you to copy that K1 box for box on a screen that looks just like the K1 but the box 1 amount is reported on Schedule E (Form 1040), line 28, column (h) or (j).

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

The loss in 14 A is a reduction of box 1 so no SE tax.

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Customer reply replied 3 months ago
I'm trying to understand you, but I am failing. Can you give me more context? I'm not sure we are solving for the same problem here. Again, I am looking for definitions of the boxes in English, so I can surmise if the information entered into this form matches the business reality. The person who filled out these forms made a lot of mistakes on really basic things, so I do not trust that the information is correct. However, I do not know what I am looking at. If this isn't your area of expertise, can you refer me to someone else? I appreciate your help.
Thanks
Emily
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

The box 1 is ordinary income. Ordinary business income or loss.

The box 14a is a loss this box shows Self Employment earnings or loss.

Box 19 is not going to show on your return. It too is a loss but it is for distributions. These distributions could be cash or securities.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

If you want to compare you need the 1065 form the partnership filed. All the amounts carried from there to your K1.

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Customer reply replied 3 months ago
To be clear, this is my corporation. I have the 1065 form that was filed. I am trying to figure out if he filled out the form correctly. I hired the tax consultant to put together the forms. I want to check his work.As I said:G - (both are checked)
x - General Partner
x - Domestic Partner
Then on I1 - (writes in) IndividualPart III1. 4,34814
A - 4,348
C - 5,00019 A - 2500Questions:
1 - Why would he check both: x - General Partner, and x - Domestic Partner and then on I1 - (writes in) Individual
2 - We brought in 10K. I am a 50% member. There were $1100 in expenses. Is this out it should be laid out?
14
A - 4,348
C - 5,0003. Why does 14 have A and C? From what I can tell, one is the same at box 1, and the other has something to do with a farm. When I add them both in Turbo Tax, it seems to think these are to be added together.
Customer reply replied 3 months ago
Okay, I give up. I'm clearly not going to get the information I'm ask for out of you. I've contacted a CPA. Can you please cancel this request?
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