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LLC 1065 PASSIVE FARM INCOME LISTED AS SELF EMPLOYMENT - TURBOTAX BUSINESS
I prepared the 1065 and K-1s for our farmland using Turbotax Business. We (my wife and I) earn 1/3 of the revenue and pay 1/3 of the expenses. We contribute the land and the other party contributes all labor and management expertise. We spend maybe 10 hours a year on this, whereas the other party contributes 100s of hours, maybe a thouseand. By all accounts, we do NOT materially participate. We answered as such in the Turbotax questionairre. However, Self-employment earnings are reported on line 14 on the K-1.
Am I correct in that this should not be self employment earnings? If so, how do I get the program to reflect this on the K1s?
Thanks in advance!
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‎April 15, 2024
7:46 AM