Question

How do I enter a schedule k-1 (form 1065) partnership into business income?

Forum|Forum|5 years ago
May 11, 2021
1 reply
0 views

I followed these instructions "Where do I enter a k-1"

When I entered my k-1 info into Turbo Tax it only shows up in personal income, not in business income, now my business income is showing a loss and I cannot deduct my full home office expenses.

How do I get this to show up as business income?

S

SweetieJean

Employee

See this:

Solved: How do I enter a home office deduction for a partnership (intuit.com)

R

roche314Author

Thanks for the reply, but it doesn't solve my problem.

I am a sole proprietor, this company used to send me 1099's and I would enter them as business income, now they are sending me this schedule k-1, where I am a limited partner, and the only boxes that have values are the "payments for services rendered".

The k-1 is specifying the EIN of my sole proprietorship, I need to be able to enter this into the business side of Turbo Tax, so my business shows a profit.

M

Mike9241

"payments for services rendered" what line # on the k-1? this is not a standard description on any line of a partnership k-1. the partnership may be issuing you a k-1 when it should be issuing you a 1099-NEC. there is no way to link a k-1 to your schedule C. Not reporting the k-1 as such on your tax return will cause you problems with the IRS.

"payments for services rendered" seems inconsistent with being a limited partner.