Question

If I complete Sk-1 do I still have to enter self-employment income/expenses?

Forum|Forum|6 years ago
February 17, 2020
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TurboTax Self Employed Online

Just to make sure I understand you correct, you RECEIVED a schedule K-1 from a partnership or S-Corp you are a partner in, and you are wondering if you still have to enter Self Employment income and expenses?

You do not. The K-1 is a summary of the income and expenses of the Partnership or S-corporation and by inputting the K-1 into TurboTax you are doing all that you need to do. TurboTax will automatically move the income and expenses to the Schedule E, which is where K-1 Income is reported.