cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 6

Married business owner 50/50

So when filing using the Schedule K on my personal 1040 using self employed I only enter the profit on the Schedule K as the income? Yet, it asks me for all of my deductions and expenses again just like on turbo tax business to get the 1065 done. Is that right? 

3 Replies
Level 18

Married business owner 50/50

do you really mean schedule K-1 for each partner that comes from the partnership return? 

it is the K-1s that get entered on your 1040.  in turbo tax look for k-1 partnership.   in step by step mode - it may ask for items that don't apply. only most of the lines on the k-1 that are not blank or 0 need to be entered.    there are some lines on the K-1 that can be skipped.  like line 19.  line 20 also may contain some data that can be skipped but there are too many possibilities for me to give you advice.   

Level 6

Married business owner 50/50

It was as if my 1040 was asking me to start over instead of entering the k-1 figure

thanks

Level 20

Married business owner 50/50

Do NOT enter the business income & expenses again on the personal return in the Sch C section ... you will ONLY enter the K-1 in the K-1 section ...

 

To enter a K-1 go to 
Federal Taxes Tab ( Personal in the H & B or SE  versions )

Income & expenses
Choose Explore on my own or I'll choose what to work on  (if it comes up)
Then scroll way down to Business Items
Schedules K-1, Q - Click the Start or Update button 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S