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April 3, 2023
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Form 1065 Schedule K-1 pays my Sole Proprietorship LLC

  • April 3, 2023
  • 1 reply
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I have a sole proprietorship LLC consulting business. I earn income from one firm who generated form 1099-NEC which I have no issues w Turbotax. I am a partner with another LLC who pays me through my LLC (Form1065 Schedule K-1). My issue is that turbotax only allows me to enter partnership income to me directly and not to my LLC. I tried to generate another business (using the same info as my LLC) to add the partnership income but it doesn't really work because it only allows to me to add "other" income and does not have all the appropriate boxes that matches the K-1. How do I rectify this situation? I know I owe self employment taxes on the partnership income and I want to be able to contribute more to my SEP.

    Best answer by ThomasM125

    You would have to have listed your partnership earnings as self-employment income in box 14 on your K-1 schedule entry, then the income would show as earned income and will be subject to self-employment tax on schedule SE.

     

    1 reply

    April 3, 2023

    You would have to have listed your partnership earnings as self-employment income in box 14 on your K-1 schedule entry, then the income would show as earned income and will be subject to self-employment tax on schedule SE.

     

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    JSAS1Author
    April 3, 2023

    Thanks