Question

Self employment tax not required, even though I have a K-1??

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

Hello,

In addition to my regular job with W2, I have an LLP business with 1065 and K-1 forms. I am doing my turbotax now and it is saying that Self Employment tax is only required for people with K-1 forms and is not required for me. However I **do** have a K-1 and it is entered. it shows up on my income summary page. yet still, there is nothing showing on the self employment tax section.

I think I am supposed to have some self employment tax from my K-1 but it is not asking me for it.

please help!

thanks

TurboTax Home & Biz Windows

D

DirkR

Hi Gary,

Do you have the original partnership Schedule K-1? The self-employment section of the Schedule K-1 is line 14. The most common values on line 14 are coded A and C, for net earnings from self-employment (A) and gross non-farm income (C). If you enter those values, TurboTax will calculate the appropriate self-employment taxes.

Please let me know if you have any additional questions.

Thanks,
Dirk

G

garybeck1Author

I do have the original K1. it shows zero on line 14 A. I used Quickbooks to produce the K1, which sent me to an independent website to have it printed - at tax1099.com. it is a very simple business and we had a slow year. I only had ~$2500 of income on the K1. regardless, line 14A says zero. is this a problem?