Should 1065 K1 have a box 14 entry if the profits are shown in section 199a box 20?

Forum|Forum|7 years ago
June 1, 2019
5 replies
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I have a multi-member LLC using Turbotax business to file a 1065. The K1 shows a section 199a (box 20) item, but there doesn't seem to be a self employment tax entry (box 14). Is this a bug in Turbotax Business or is the K1 correct not to have a box 14 entry if the profit is reflected in box 20?

TurboTax Business Windows

Rick19744

Employee

Are you receiving a guaranteed payment from the LLC?

*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.

T

TaxGuyBill

Employee

Do you work for the Partnership? If so, Box 14 should be filled in, and you likely missed something in the interview.

J

johnhAuthor

Employee

No guaranteed payment from the LLC. And yes it is a Partnership.

J

johnhAuthor

Employee

I answered the interview questions the same way I have been doing the past 5 years. Haven't had issues previously. This year it is different because of the 199a.

Rick19744

Employee

Based on your additional facts, there is nothing wrong here.
The items reflected in box 20 represent wages (and other required items for Section 199A) paid by the partnership and has nothing to do with whether or not you receive any guaranteed payments.
Had you received guaranteed payments, then something would have been reflected in box14.
The K-1 appears to be correct based on your facts.

*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.