How to report personal guaranteed payments?

Forum|Forum|6 years ago
June 3, 2019
4 replies
0 views

I'm filing personal taxes, and I just got my schedule K1, which I easily reported on TurboTax. I'm trying to report those guaranteed payments as Income, but TurboTax is not showing me a way to report them, or else I cannot find where to put them. Please, can someone guide me on how to correctly update ordinary income of guaranteed payments correctly? Or where to do it correctly? I know it's not in the 1099-MISC, but where?

TurboTax Self Employed Online

Best answer by Ashby

You only report them once from the K-1 and then the program handles the rest. The guaranteed payments are first subject to self employment tax and then taxed as ordinary income, but you do not have to enter twice for that to happen.

Ashby

These guaranteed payments were no reported on your K-1?

in-aguirreAuthor

They are, but to my understanding, guaranteed payments should also be reported as ordinary income. Do I have to input it twice (in the Income section and on the K1 section), or only on one of them?

connorandaubree

Where did you report your K-1? I received a K-1 from my business and I'm having a hard time figuring out where to fill this out (on my personal taxes, NOT the business' taxes)

AshbyAnswer

in-aguirreAuthor

So if I didnt have any other income last year other than the Guaranteed payments, when it asks me if I had "any self employment income or expenses" to fill out "Schedule C", I should indicate NO. Is this correct?