Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
robertwaldon
New Member

How can Schedule K loss offset Schedule C income?

I have a Schedule C income and a separate (but same business) Schedule K partnership loss on running the office for the business. How can I get the loss to offset Schedule C income, thus reducing SS tax I have to pay?

6 Replies
Critter
Level 15

How can Schedule K loss offset Schedule C income?

The partnership losses on the K-1 and the Sch C income will net automatically on the Sch SE.
robertwaldon
New Member

How can Schedule K loss offset Schedule C income?

Where does it "automatically" show up on the Sch C?
VolvoGirl
Level 15

How can Schedule K loss offset Schedule C income?

Not on Schedule C but on Schedule SE for the self employment tax.
VolvoGirl
Level 15

How can Schedule K loss offset Schedule C income?

Here is Schedule SE.  See page 2 line 2
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040sse.pdf">https://www.irs.gov/pub/irs-pdf/f1040sse.pdf</a>
robertwaldon
New Member

How can Schedule K loss offset Schedule C income?

Got it. THANKS. So obvious—now.
VolvoGirl
Level 15

How can Schedule K loss offset Schedule C income?

Solved in comments

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v