I am a partner in an LLC. I entered the K-1 that the accountant for my LLC gave me. There is nothing in my self-employment income section. Is this correct? Just want to make sure I'm not neglecting to pay social security, etc.

[ChristinaS · Accepted solution]

If you perform services for an LLC and receive a K1, the Self-Employment tax is generated from Box 4 (guaranteed payments for services) and/ or Box 14 A - net income from Self-Employment. These figures produce self-employment tax on Schedule SE. You do not pay into the SE tax (Social security, Medicare) by adding a Schedule C on your tax return. So, you would only enter your K1.

If your K1 has nothing in Box 14A or 4, and there's a positive amount in Box 1, your K1 may have been prepared incorrectly. Talk to the accountant and ask why your share of the income has not been reported as services- based.

[meghhill]

I think the k1 is correct; just wanted to make sure I was not supposed to put anything in the TurboTax self-employment section. Thank you!

[ChristinaS]

You're welcome... and, correct, no input other than the K1 is needed if your K1 reflects SE income already.

[charlesjennissen]

I am having the same problem.  I have positive K1 Box 4 and Box 14a amounts and they are not showing up on the Self-Employment tax form. My Box 1 amount and my supplemental business expenses for my K1 are showing up in the Self-Employment tax form and since my expenses are more than Box 1 it is stating I have no Self-Employment tax to pay.  I know this is wrong as I have a significant amount of money in Box 14a and I certainly owe Self-Employment tax.  I am going to have to file my taxes as is since they are due, but I will also need to send an amended tax form as soon as someone can tell me how to get the program to recognize my K1 Box 4 Guaranteed Payments.

[ChristinaS]

Ask for corrected k1 where the Box 4 amounts are in Box 14. Make a payment with the extension. Put Box 4 in Box 14 so the estimated tax can be calculated. Only Box 14 triggers SE tax.