Hello I received a K1; I tried to add the info to my “self-employed” 1040 and I found the following questions bullet #s doesn’t match between the two forms: #14; #15

[queenzflip]

Hello,

I've tried to completed a "Premier"; however, once the form asked if I have any "expenses" and I state "yes" because I do have "gas/tolls"; it changes my form to "Self-Employee" $199.

Am I doing something wrong?

[AmandaR1]

It's uncommon to be able to deduct expenses related to your work in a partnership. Are you sure your partnership agreement allows you to do so?

Also, you would only be able to deduct toll costs directly. To deduct gas, you need to add your vehicle to the software under the vehicle expense and you must have tracked ALL gas paid throughout the year and tracked your business mileage. Otherwise, you can take the standard mileage rate. It may be more advantageous to set up a reimbursement plan for your expenses through your partnership for future years. Otherwise, that's ok, it will be transferred to schedule C and you will need a statement to enter your k-1 expenses in the appropriate categories.

[mariedelus]

Thank you for your response; I have a multi-partner LLC and most of my expenses connected to the business is added on the 1065; however, does allow me to add certain deductions in the 1040 such as vehicle expense.

Please note I was able to completed the Premier.