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bubbles247
Level 1

Do you put LLC partner bus. expenses and info you have a k-1 for in "Inc

I don't want to be caught double dipping as I see two places to put business expenses. I have put business expenses In TurboTax Self-Employed like advertising, startup costs, inventory etc in the Income and expenses section already with my LLC, what it made and its info specifically in "Self-employment income and expenses", but got confused after adding my k-1 which also of course has my LLC info, what it made as a partner and a place to put some business expenses. Is there something I should be removing?

Thank you.
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Accepted Solutions
Critter-3
Level 15

Do you put LLC partner bus. expenses and info you have a k-1 for in "Inc

If you have a K-1 from a partnership  then you ONLY enter the K-1 form ... do NOT also enter any income/expenses in the Business tab which is meant for a Sole Prop Sch C and not the partnership.  You are NOT self employed so remove that entire section.  

 

 

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2 Replies
Critter-3
Level 15

Do you put LLC partner bus. expenses and info you have a k-1 for in "Inc

If you have a K-1 from a partnership  then you ONLY enter the K-1 form ... do NOT also enter any income/expenses in the Business tab which is meant for a Sole Prop Sch C and not the partnership.  You are NOT self employed so remove that entire section.  

 

 

View solution in original post

bubbles247
Level 1

Do you put LLC partner bus. expenses and info you have a k-1 for in "Inc

Thanks so much!

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