If all the income of your SMLLC is reported by the multi-member LLC, you should enter only the information from Schedule K-1 for that investment.
Are you paid by the parent LLC? If so, are those considered guaranteed payments reportable on Schedule K-1? This income is considered self-employment and is subject to Self-Employment taxes.
Yes, Schedule K-1 activity is reported on Schedule E of an individual's tax return.
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