I'm filing personal taxes, and I just got my schedule K1, which I easily reported on TurboTax. I'm trying to report those guaranteed payments as Income, but TurboTax is not showing me a way to report them, or else I cannot find where to put them. Please, can someone guide me on how to correctly update ordinary income of guaranteed payments correctly? Or where to do it correctly? I know it's not in the 1099-MISC, but where?
They are, but to my understanding, guaranteed payments should also be reported as ordinary income. Do I have to input it twice (in the Income section and on the K1 section), or only on one of them?
Where did you report your K-1? I received a K-1 from my business and I'm having a hard time figuring out where to fill this out (on my personal taxes, NOT the business' taxes)
You only report them once from the K-1 and then the program handles the rest. The guaranteed payments are first subject to self employment tax and then taxed as ordinary income, but you do not have to enter twice for that to happen.
So if I didnt have any other income last year other than the Guaranteed payments, when it asks me if I had "any self employment income or expenses" to fill out "Schedule C", I should indicate NO. Is this correct?
That's right. You have no need for a Schedule C if everything comes through the partnership.
Where did you report your K-1? I received a K-1 from my business and I'm having a hard time figuring out where to fill this out (on my personal taxes, NOT the business' taxes)
I have guaranteed payments from my K-1 which I have entered in 4a and 4c of the K-1 form. It tells me that the $154,000 will automatically be entered on Schedule E, but it does not. I went to help desk and it tells me I can enter Compensation "guaranteed payments" but that does not work. HELP! Thanks