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Get your taxes done using TurboTax
so having just one employee/member effectively saves all members from having to pay tax on the business income distribution that shows up on their K1 and personal return?
NO. NO. NO. they all have to pay income tax on their allocated portion of the business income as shown on the k-1. it's just that this income is not subject to self-employment tax. consult a pro.
May 16, 2022
12:47 PM