I am from Indiana and own an LLC. On my k-1 I have both code A and code C. Which one do I use? per the IRS website if your an individual partner you should use code C. IRS information below.
Code C. Gross nonfarm income.
If you are an individual partner, use this amount to figure net earnings from self-employment under the nonfarm optional method on Schedule SE (Form 1040), Part II.
Do the IRS rules regarding the non farm method apply to the statement above? Just a tad confused!
Thank you!
