K-1 and "self employment earnings"

aether8203 · Joined: 25 Aug 2007 Posts: 3

I am using TurboTax so my apologies if this is somewhat software
specific, but I think it is till applicable.

I received a K-1 from a Real Estate based LLC. In TurboTax, if you
choose that your LLC is a "Real Estate" business, you only get to
enter Box 2 of the K-1 (net real estate income). It then asks you for
Box 14A (self-employment earnings). Where does TurboTax use that
number (aka box 14A) later?

I never get to enter box 1 of the K-1 (business income) unless I add
the LLC twice into TurboTax, once for the "Business" and once for the
"Real Estate" option. This naturally affects the Non-Passive versus
Passive income amounts. When I add them both, my refund increases
signficantly...

Help please.

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Archived from group: misc>taxes>moderated

Mike20878 · Joined: 25 Aug 2007 Posts: 10

On Feb 24, 8:00 pm, aether8...@yahoo.com wrote:
> I am using TurboTax so my apologies if this is somewhat software
> specific, but I think it is till applicable.
>
> I received a K-1 from a Real Estate based LLC. In TurboTax, if you
> choose that your LLC is a "Real Estate" business, you only get to
> enter Box 2 of the K-1 (net real estate income). It then asks you for
> Box 14A (self-employment earnings). Where does TurboTax use that
> number (aka box 14A) later?
>
> I never get to enter box 1 of the K-1 (business income) unless I add
> the LLC twice into TurboTax, once for the "Business" and once for the
> "Real Estate" option. This naturally affects the Non-Passive versus
> Passive income amounts. When I add them both, my refund increases
> signficantly...
>
> Help please.
>

Well, are you active in the business? If you are a passive investor
the activity is all passive for you. I'm not sure why TurboTax won't
let you input the other K-1 boxes.

I'm wondering if TT's idea of a "real estate" business is a real
estate professional. That's different from a passive investment in
real estate. What are your other options?

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