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K-1 line 14 C Gross Non-farm Income transferred to form SE
TurboTax Deluxe seems to be using a figure from K-1 line 14 (C Gross Non-farm Income) to generate a Self-Employment form with Social Security tax due. However, the LLC had a net operating loss (shown on K-1 line 14 [A Net earnings/loss from self-employment]. Thus, there should be no Social Security tax due for this LLC. There seems to be a calculation error in the program.
March 19, 2024
11:31 AM