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DarrenJohnWA
Level 1

Married couple - one in partnership, other has 1 person LLC - how to file SE taxes

Hi. I recently became a partner at at firm. I will now receive a K-1 for a guaranteed payment for 2021 and pay all of my own taxes and my portion of SE taxes and the portion of SE taxes that my firm used to pay for me. My wife is a consultant with a one person LLC. She uses a Schedule C. Forgive my ignorance, but I cannot find any information about this online. If we are filing married filing jointly, do we both need to use separate SE forms to pay SE taxes on what we each make up to $142,800 for 2021? Can we file Schedule C and a K-1 together with the same 1040 or will we need to file separately? We live in Washington State. Thanks in advance for your help.

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VolvoGirl
Level 15

Married couple - one in partnership, other has 1 person LLC - how to file SE taxes

Yes you will each have your own schedule SE.  it is per person.  You still file a Joint return for all your income.  You can have both a K-1 and schedule C on the same tax return.

 

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

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

Enter each k-1 separately.

View solution in original post

2 Replies
VolvoGirl
Level 15

Married couple - one in partnership, other has 1 person LLC - how to file SE taxes

Yes you will each have your own schedule SE.  it is per person.  You still file a Joint return for all your income.  You can have both a K-1 and schedule C on the same tax return.

 

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

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

Enter each k-1 separately.

View solution in original post

DarrenJohnWA
Level 1

Married couple - one in partnership, other has 1 person LLC - how to file SE taxes

Thanks Volvogirl.

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