If I have a K1 do I also have to enter self employment info?

Forum|Forum|6 years ago
June 1, 2019
2 replies
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I am a member of an LLC and received a K1 from the LLC. I entered the K1 into Turbo Tax. Do I also have to claim self employment (Sched C)? If so, would this be from box 14 of the K1?

Rick19744

Employee

Your Schedule K-1 line 14 code A will handle the self-employment component. You do not need to prepare a separate Schedule C.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

MateoCS

I contributed to a SEP IRA. TurboTax won't let me enter the contribution if a Schedule C is not filled out even though I filled out a K-1 1120S. Thoughts?

TIA,

~Mateo

AmeliesUncle

@MateoCS wrote:
I contributed to a SEP IRA. TurboTax won't let me enter the contribution if a Schedule C is not filled out even though I filled out a K-1 1120S. Thoughts?

TIA,
~Mateo

YOU are not eligible to contribute to a SEP. It is an employer plan, so the corporation would contribute for you. If it did that, that deduction is on the corporate return.

Comexgold

Hi,

i entered the K1, but it doesn’t seem to be recognized as self employed by TT because when I want to complete the child and dependent card it doesn’t seem to recognize my wife’s K1 as self employed. It doesn’t let me enter daycare cost because it doesn’t detect that both I and my wife are employed. So do I need to complete the self employed section on top of the K1?