I am a minority partner in a small LLC. I receive K1 form for my personal filing. Can I still go and enter schedule C for the same work and record my expenses there?
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I am a minority partner in a small LLC. I receive K1 form for my personal filing. Can I still go and enter schedule C for the same work and record my expenses there?
I am paying self-employment tax, so I should be able to still deduct my expenses in 2018, right?
But do I do it via Schedule C for the same job/partnership that I have K1 for, or do I do it elsewhere?
I am a minority partner in a small LLC. I receive K1 form for my personal filing. Can I still go and enter schedule C for the same work and record my expenses there?
No, the expenses for the partnership are deducted at the partnership return (Form 1065) level.
If you have separate expenses that are required to be paid personally outside of the partnership, you can record them as unreimbursed partnership expenses (UPE) on Schedule E. The IRS states that this should be written in to the partnership agreement.