I received a schedule K1 for an LLC I'm in partnership with. Box 1 of the K1 shows a loss. Box 14 shows a loss with Code A and a positive value with code C. While entering the K1 in TT it is asking whether I should use the non-farm optional method to calculate self-employment tax? I am not sure what to do here.
This is my second year of receiving K1. In 2022 Box 1 had a negative number. Box 14 had a code A with a negative number and code C with a positive number. I don't remember what I did in 2022 when faced with same question of whether I should use the non-farm optional method.
Can someone please let me know what I need to do for 2023 for the self employment tax?
