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

[mariedelus]

16; #18; #19 and #20.  I did find the questions; however, the bullet #s are off; what should I do?

I am sure I have to add the answers to the correct questions and ignore the bullet #s; however, am worried it will impact my submission.  

Thank you

[AmandaR1]

Are you saying you are entering your Schedule K-1 under business income?

[mariedelus]

I enter it under the Self-Employment Income section.

[mariedelus]

Thank you for your response 🙂

[VolvoGirl · Accepted solution]

You can try to downgrade.  But you will have to start over      https://ttlc.intuit.com/replies/3288495

[mariedelus]

Thank you sooooo much :).  You are amazing.  My best

[AmandaR1]

You should not enter your schedule K-1 activity, under self-employment income and expenses. A schedule K-1 represents your ownership in a business entity that is required to file it's own separate business tax forms.

The self-employed business section should be used when you work for yourself and you don't have a separate business tax return. You should never enter a schedule K-1 and self-employed business for the same activity. 

The separate business information passes through, onto the schedule K-1 and you can enter it under:   Income >>> Scroll down to the Business Investment and Estate/Trust Income section >>> Select Start next to Schedule K-1 and you will find all of the options to accommodate your form activity. 

Note that if you have amounts in more than one box of box 1, 2 & 3, then the software will guide you to enter each activity separately. If required, you should have supporting schedules to show you which expenses and portions are related to the activities.

[mariedelus]

Thank you for your answer.  Yes; the organization did fill out a 1065 and provided me with a K1.  Should I still fill out a Self-Employment form or just a regular 1040 and add the K1?

Is the Self-Employment document the right one?  If yes, then I should go to Business Investment and Estate/Trust income on the Self Employment document?

[AmandaR1]

You are most welcome. No, you should not fill out self-employment. Under "Business Investment and Estate/Trust income" section - there is specifically listed "Schedule K-1". That is the only place you should enter your schedule K-1. The amounts will be reported on schedule E and apply as self-employment activity as applicable.

[queenzflip]

Oh!  I believe this is the reason the questions doesn't match with my K1; should I fill out a regular 1040?  Turbotax states if you are an LLC fill out "Self Employment"

Thank you so much for your help!

[mariedelus]

Oh!  I believe this is the reason the questions doesn't match with my K1; should I fill out a regular 1040?  Turbotax states if you are an LLC fill out "Self Employment"

Thank you so much for your help!

[mariedelus]

Should I feel out the "Simple" 1040ez/1040a or Deluxe or Premier or Self-Employed?  As a reminder, I am a partner in a LLC (an Entertainer); I have a K1 from my LLC; I have business expenses; etc.  

According to TurboTax plans; it suggested "Self-Employed" Personal & business income and expense; however, the K1 questions doesn't match the Form.

[VolvoGirl]

Depends.  If you have a Single Member LLC that is not a S corp it is a disregarded entity and you fill out schedule C for it.  But you got a 1065 K-1 for it so it is not a single member sole proprietor.  You just enter the K-1.

[VolvoGirl]

You need Online Premier to enter a K-1.

[mariedelus]

Great - Thank you; I am a one of the partners in an multi - LLC.   I will not fill out the Self-Employed; I will fill out Premier.

Thank you again for all your help.