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Schedule K-1 Income Reported on 1040-SE

Forum|Forum|5 years ago
February 25, 2021
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I am married filing jointly. We own an LLC together. (%50 each) We have already filed 1065, and have Schedule K-1's to report income on our 1040. We both need to report the Schedule K-1 income on Schedule-SE, as we are both active members of the LLC. So the question I have is: When I add Schedule K-1 income in TurboTax, does this automatically get added to Schedule-SE or do I have to manually add that income to Schedule SE by adding another line of work under the self-employed work summary? If I have to add it, then there doesn't seem to be a way to simply report the net profit from the Schedule K-1. (it prompts me to add total income and enter expenses - stuff that is already summed up in the 1065)

TurboTax Self Employed Online

Best answer by Anonymous_

@rogersja89 wrote:

....do I have to manually add that income to Schedule SE by adding another line of work under the self-employed work summary?

No. Your earnings from self-employment should appear on Line 14 of your K-1s.

TurboTax will then calculate the tax on Schedule SE.

A

Anonymous_Answer

Employee

@rogersja89 wrote:

....do I have to manually add that income to Schedule SE by adding another line of work under the self-employed work summary?

No. Your earnings from self-employment should appear on Line 14 of your K-1s.

TurboTax will then calculate the tax on Schedule SE.

M

melbeaches

I have an additional question. When I add the K1 to the 1040, turbo tax is showing the net earnings of the llc to my taxable income. turbo tax is not however, generating a schedule SE to calculate the self employment tax component. The net profit from the LLC is only $432. Is there any reason why the Schedule SE is not automatically done?