Hi Conrad!
Great question!
Because you are a W2 employee you will report your W2 income on line 1 of your 1040, Individual Tax Return.
The K1 for the rental property will be reported on line 5 of schedule 1 and will carry to line 8 of your 1040.
The single member LLC that you are filing yourself will be reported on a schedule C and appear on line 3 of your schedule 1 and carry to line 8 of your 1040.
Sound complicated Absolutely not! Turbotax will take care of all of this for you!
Simply go to the Wages and Income section of the Federal interview when you are working on your return.
Turbotax will ask you questions as to whether you were an employee and prompt you to enter your W2 information. There will also be additional questions as to whether you received a K1 and you willl enter the information from your K1. You will also have questions on self employment income which is where you will enter your income and expenses for the single member LLC you are running yourself.
These are all sections of the wages and income area in the federal interview. To see the extra sections , click on " add more income" and you will see the various income sections.
Everything you enter in the federal interview will carry to the state returns.
If you need assistance when preparing your return, click on the "live help" icon and a tax expert will be able to assist you by phone or chat.
Hope this resolves your question Conrad!
Mary, tax expert 10 years experience
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