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S
st2003
February 21, 2020
Solved

Schedule K-1: Business Income in Box1 vs Self-Emp Earning in Box14

  • February 21, 2020
  • 2 replies
  • 0 views

I have a partnership business - my portion of the income from the partnership is also my self employment earning. While generating schedule K-1 - is that income to be reported in Box1 as well as in Box14? Or it needs to be reported only in Box14 (with code A)?

 

Thanks

St2003

 

    Best answer by Anonymous_

    It will be reported in both boxes if the income is from self-employment (which it is).

    2 replies

    A
    Anonymous_Answer
    Employee
    February 21, 2020

    It will be reported in both boxes if the income is from self-employment (which it is).

    KathrynG3
    KathrynG3
    February 21, 2020

    Report the income in both places.  However, Box 14 also will report (if any) special treatment depending on your circumstances. Box 1 is your share of the ordinary income (loss) from trade or business activities of the partnership.

     

    Per IRS Schedule K-1 Form 1065 Instructions, page 7 and 132019 IRS Schedule K-1 Form 1065 Instructions

    TurboTax Business helps you sort out your details and properly report the activity for the year.

      S
      st2003Author
      February 21, 2020

      Thanks KathrynG3 and TagTeam.

       

       

      S
      st2003Author
      February 23, 2020

      I entered the income from partnership in both the boxes on schedule K1 (box 1and box 14 with code A).

      I do not see the 20% of the QBI deduction being applied, even though Self-Emp earnings from the partnership is a pass thru income.

      In TT the entire business income from Schedule E gets copied over to 1040 Line 7a.

      Do I need to explicitly indicate somewhere that this is pass thru income?

       

      Thanks

      St2003

       

       

       

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