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I have three numbers on my k1 from an Llc partnership The…

Customer Question
I have three numbers on...
I have three numbers on my k1 from an Llc partnership
The first is a loss (negative number from substantial storm damage to the business)
Then there are two numbers on line 14 a and c
How do I report those on my 1040?
Submitted: 3 months ago.Category: Tax
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Answered in 4 minutes by:
3/26/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 3 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,276
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you out.

Line 1 will go to Schedule E, Part II, Line 28. From what you're saying, it should go in the nonpassive side. Since it is a loss, the amount could be limited depending on your basis.

The amount on Line 14 a goes to Form 1040 Schedule SE, Line 1a.

You do not need to do anything with 14c.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 3 months ago
even though the business was a loss, I'm responsible for income.
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 3 months ago
Yea, if there is income on the K-1, you're responsible for reporting it.
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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 3 months ago

Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

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