Should 1065 K1 have a box 14 entry if the profits are shown in section 199a box 20?

[johnh]

I have a multi-member LLC using Turbotax business to file a 1065. The K1 shows a section 199a (box 20) item, but there doesn't seem to be a self employment tax entry (box 14). Is this a bug in Turbotax Business or is the K1 correct not to have a box 14 entry if the profit is reflected in box 20?

[Rick19744]

Are you receiving a guaranteed payment from the LLC?

[TaxGuyBill]

Do you work for the Partnership?  If so, Box 14 should be filled in, and you likely missed something in the interview.

[johnh]

No guaranteed payment from the LLC. And yes it is a Partnership.

[johnh]

I answered the interview questions the same way I have been doing the past 5 years. Haven't had issues previously. This year it is different because of the 199a.

[Rick19744]

Based on your additional facts, there is nothing wrong here.
The items reflected in box 20 represent wages (and other required items for Section 199A) paid by the partnership and has nothing to do with whether or not you receive any guaranteed payments.
Had you received guaranteed payments, then something would have been reflected in box14.
The K-1 appears to be correct based on your facts.

[TaxGuyBill]

I disagree. If the person works for the Partnership, the pass-through income in Box 1 are subject to SE tax.

[Rick19744]

I don't see that the facts indicate that the OP works for the partnership?

[TaxGuyBill]

Maybe I'm misreading it, but I read it as there always has been a number in Box 14 in past years.  If that is the case, it seems like he at least worked for the Partnership in past years.

At any rate, I don't see how you can state the K-1 is correct unless he specifically stated he did NOT work for the Partnership.

[Rick19744]

The response is based on the facts as provided.
"doesn't seem to be a self employment tax entry.......is it correct not to have a box 14 entry if the profit is reflected in box 20".
Can be absolutely correct.

[TaxGuyBill]

I agree, there is nothing wrong with Box 20 either way, but the OP needs to know that K-1 very well might be wrong by not having anything in Box 14.

[Rick19744]

Well if the OP provides additional facts, then the response may change.  
The answer above does state "The K-1 appears to be correct based on your facts".