TaxGuyBill
Level 15
08-21-2020
10:37 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Maybe I'm misunderstanding something, but ...
The boxes on the K-1 show the income for tax purposes. That is what goes on the tax return. It doesn't matter what the "book" income is as that does not affect the taxpayer's tax income.
In other words, you don't add that income on the 1040.