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TurboTax K-1 question
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Davy
Feb 19, 2023, 1:20:02 PM2/19/23
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I've been using Turbotax for over 24 years. Something new has happened. When finalizing our
1120S, I realized the Ordinary Income on the generated K-1 to me would be reduced by about
$2800. When making the adjustment in TurboTax Premier 1040, I was expecting a larger refund.
The NY State refund increased, but not the Federal. This made no sense, unless there has been
an IRS law change, or a defect in the Turbotax program. Just as a test, I started changing the
K-1 'Ordinary income' on the 1040. I added $3,000, then $6,000 to the ordinary income on the K-
1. No change in the Federal refund, only the NY refund. Not until I added $8,000 did the refund
change downward. Does anyone know why this would be? TIA!!!
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1120S, I realized the Ordinary Income on the generated K-1 to me would be reduced by about
$2800. When making the adjustment in TurboTax Premier 1040, I was expecting a larger refund.
The NY State refund increased, but not the Federal. This made no sense, unless there has been
an IRS law change, or a defect in the Turbotax program. Just as a test, I started changing the
K-1 'Ordinary income' on the 1040. I added $3,000, then $6,000 to the ordinary income on the K-
1. No change in the Federal refund, only the NY refund. Not until I added $8,000 did the refund
change downward. Does anyone know why this would be? TIA!!!
--
----------------------------------------- --- -- -
Posted with NewsLeecher V8.0 Beta 4
Free Newsreader @ http://www.newsleecher.com/
------------------------------- ----- ---- -- -
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