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paulferrara67
Returning Member

Reporting K-1 1065 business income

I am a partner in a business that sends out K-1's (1065).  This is my sole source of business income, but when using TurboTax Home & Business, it only asks for income reported on a 1099-misc or 1099-K.  Where do I enter K-1 business income for my business?  It asks about K-1's later in my personal income section, but that's not where I need to report it.  

 

I have an LLC and the LLC is the entity listed as earning the income on the K-1.

1 Best answer

Accepted Solutions
tagteam
Level 15

Reporting K-1 1065 business income


@paulferrara67 wrote:

Even if the K-1 lists my LLC and has my Federal Tax ID # on there instead of my SSN?


The statement is somewhat unclear but, for example, if your LLC is a member of the LLC from which you received a K-1 and the recipient LLC is a single-member LLC, you would still report that K-1 in the Personal income section; single-member LLCs are disregarded for federal income tax purposes.

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3 Replies
tagteam
Level 15

Reporting K-1 1065 business income


@paulferrara67 wrote:

It asks about K-1's later in my personal income section, but that's not where I need to report it.  


It appears as if you are using TurboTax Self-Employed or Home & Business. Either way, you actually do enter the information from your K-1 in the Personal section of the program which, in turn, will distribute your entries to the proper lines on the forms.

paulferrara67
Returning Member

Reporting K-1 1065 business income

Even if the K-1 lists my LLC and has my Federal Tax ID # on there instead of my SSN?

tagteam
Level 15

Reporting K-1 1065 business income


@paulferrara67 wrote:

Even if the K-1 lists my LLC and has my Federal Tax ID # on there instead of my SSN?


The statement is somewhat unclear but, for example, if your LLC is a member of the LLC from which you received a K-1 and the recipient LLC is a single-member LLC, you would still report that K-1 in the Personal income section; single-member LLCs are disregarded for federal income tax purposes.

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