our LLC has 2 members. Line 14 (self Emp) is fine on one but blank on the other? how do I fix this
Thank you for the correct token number. Here is what we found:
Sch SE-S has $7,500 on Line 2, which is coming from Schedule C, assigned to Spouse. There is no amount on Line 2 for Sch SE-T.
None of the K-1s have info on Line 14. They are all assigned to Taxpayer, one as GP, the other two are LP.
If you expect Self-Employment income to be flowing from any Schedule K-1, you will need to update these forms to show codes and amounts on Line 14. Also confirm who should be shown as the Partner for each K-1. You may find it easier to make these changes in Forms mode:
- Click Forms in the TurboTax header
- Scroll down to K-1 Partner (there are three) and click to open in the large window.
- For each K-1, verify the info in Part II (Information About the Partner), especially the boxes above Line E and the box checked on Line G.
- Scroll down to Part II Line 14. Click the Code box and choose A (Net earnings from self-employment) and enter the amount under the Amount column.
However, if the K-1s you received DO NOT show amounts on Line 14, you will need to revise the business return (if not already filed) or amend (if already filed).
Check your partner/member information and also your general business information at the beginning of the program.
Allocations should be automatically calculated properly if the information is entered correctly.
This is either some sort of input error or possibly file corruption.
If possible, you might want to back up your tax file and try transferring your 2019 return to a new 2020 return.
Beyond that, this is difficult to troubleshoot on this medium, so you might want to contact phone Support.
I have the same issue. No changes to partnership info from previous year. Partnership gains and losses are split evenly. One K1 shows a value on line 14, the other K1 does not.
I have already filed the federal return. Do I need to file an amended return and associated amended K1s?
- What boxes are checked on each K-1 line G?
- Is the same box checked for each K-1?
- If Line G box 1 (GP or LLC member-manager) is checked, then line 14 will be populated.
- If Line G box 2 (LP or other LLC member) is checked, then line 14 will not be populated.
- After responding to the question, is the appropriate box checked for the respective member?
- The K-1 isn't worded the best, but it is how TT will determine how box 14 is addressed
@OldCarGuy the original was asked for last years filing season. I am fairly confident any glitch was corrected. In addition, my follow-up questions related to this year have not been answered. One question related to this filing season does not justify a "glitch" in my mind at this point.
And if you are experiencing this same issue for 2021 form 1065, then answer my questions as related to your tax return.
Rick, I have answered so many questions regarding this 1040 problem I can't remember if you were one of them
--after answering at least 4 difference people by re-entering all my data with no improvement, the last contact asked me to send my return to TT for analysis -- they (TT) confirmed that the system was NOT operating as expected -- I am just trying to get me taxes done -- the last 3 years have been a breeze but this year started with the business sys not importing the 2019 partner share information -- after three experts called me I was told to re-enter the data manually -- I am just as frustrated as you sound in your message.
Line 14 of the K1 shows income for both partners
These amounts are entered as K1 income in the personal return
The SE tax is still abnormally low -- line 23 has about $3000 tax -- last year was $8000
--but income from K1's has doubled
I almost ready to give up
What was your Net Business Income on Schedule C compared to last year? You mention that your SE tax was much higher last year.
Were your Business Expenses higher this year?
Since we can't see your return in this forum, you may want to contact TurboTax Live to review your entries and find any anomalies in your return.
Click this link for some info on Self Employment Tax.
As far as your K-1 Box 14 Earnings being double, are you and your spouse partners and the K-1 is reporting both your incomes on the same form? (you should each have your own).
This link has info on Schedule C and K-1 you may find helpful.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
thanks you for your reply
--i sent an "analytical" copy of my return to TT 2 weeks ago -- TT acknowledged that the SE fields were blank, and they should have populated -- I've checked every entry still no SE income except a small W2
Yes my wife is 50% partner -- she has her own K1
I've manually calculated the SE tax and it's $8,000 higher than the TT result
-- If I submit the TT result, I'm sure it will bounce
I will try the "live link" -- maybe that will help