Your Schedule K-1 line 14 code A will handle the self-employment component. You do not need to prepare a separate Schedule C.
I contributed to a SEP IRA. TurboTax won't let me enter the contribution if a Schedule C is not filled out even though I filled out a K-1 1120S. Thoughts?
TIA,
~Mateo
@MateoCS wrote:I contributed to a SEP IRA. TurboTax won't let me enter the contribution if a Schedule C is not filled out even though I filled out a K-1 1120S. Thoughts?
TIA,
~Mateo
YOU are not eligible to contribute to a SEP. It is an employer plan, so the corporation would contribute for you. If it did that, that deduction is on the corporate return.
I figured that out after submitting the question. Thanks for the quick response!
Hi,
i entered the K1, but it doesn’t seem to be recognized as self employed by TT because when I want to complete the child and dependent card it doesn’t seem to recognize my wife’s K1 as self employed. It doesn’t let me enter daycare cost because it doesn’t detect that both I and my wife are employed. So do I need to complete the self employed section on top of the K1?
Is there an amount in box 14 of her K-1? Or does she get a W-2 also? TurboTax will recognize amounts in box 14 as self-employment income. @Comexgold
Is this a Partnership (Form 1065) K-1? If so, then as Dawn said, is there an amount in Box 14?
If this is a S-corporation (Form 1120-S) K-1, your wife is not self employed. But she probably should have received a W-2 from the corporation for the work that she performed.