Schedule K-1: Business Income in Box1 vs Self-Emp Earning in Box14

[st2003]

I have a partnership business - my portion of the income from the partnership is also my self employment earning. While generating schedule K-1 - is that income to be reported in Box1 as well as in Box14? Or it needs to be reported only in Box14 (with code A)?

Thanks

St2003

[Anonymous_ · Accepted solution]

It will be reported in both boxes if the income is from self-employment (which it is).

[KathrynG3]

Report the income in both places.  However, Box 14 also will report (if any) special treatment depending on your circumstances. Box 1 is your share of the ordinary income (loss) from trade or business activities of the partnership.

Per IRS Schedule K-1 Form 1065 Instructions, page 7 and 132019 IRS Schedule K-1 Form 1065 Instructions

TurboTax Business helps you sort out your details and properly report the activity for the year.

[st2003]

Thanks KathrynG3 and TagTeam.

[st2003]

I entered the income from partnership in both the boxes on schedule K1 (box 1and box 14 with code A).

I do not see the 20% of the QBI deduction being applied, even though Self-Emp earnings from the partnership is a pass thru income.

In TT the entire business income from Schedule E gets copied over to 1040 Line 7a.

Do I need to explicitly indicate somewhere that this is pass thru income?

Thanks

St2003

[Anonymous_ · Accepted solution]

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@st2003 wrote:

Do I need to explicitly indicate somewhere that this is pass thru income?

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You might want to contact the partnership representative. The 199A (QBI) information should appear on Line 20 with a Z code.