turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

ds--
Level 3

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?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
Ashby
New Member

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.

To enter UPE:

https://ttlc.intuit.com/replies/6631744

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question