Gross Nonfarm Income 15c


M

Mark Jaggers

I am currently doing for 1065 for my partnership I belong to.
I am curious about line 15c on the 1065 and on the Schedule K1.
I am using TaxCut and I noticed that it automatically puts an
amount in that field. If I go back and look at my return from
2002 I do not see an amount in that field. Where is that
amount determined? And why does that also apply to my Schedule
K1's?

I noticed on my K1 that it says on 15a I got about $5000 and
on 15c it says $17000. I am just curious because it makes a
big difference when I am doing my personal taxes and I have
to enter in both the amounts. I also wonder why I had 0 on
line 15c in 2002.
 
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P

Phoebe Roberts, EA

Mark said:
Where is that
amount determined? And why does that also apply to my Schedule
K1's?
It has to do with farm income averaging. Odds are, it
doesn't apply to you and should be blank. No idea how you
convinced the software to put a number there, but I suspect
GIGO is your problem.
I am just curious because it makes a
big difference when I am doing my personal taxes and I have
to enter in both the amounts.
You're doing something wrong, then. It should have no
effect on your taxes (but might affect penalty calculations,
if you have farm income and non-farm income from the
partnership).

Phoebe :)
 

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