- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Am I using the wrong product.? I a general partner in a two person partnership. I get a K-1 not W2. Am I self employed?
Topics:
October 10, 2019
8:38 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
You only enter the K-1. You only need Premier version to enter a K-1. You can try to downgrade but you have to clear and start over
If you received a Schedule K-1 and need to enter it in TurboTax, using the search bar in your TurboTax program, type in k1 or k-1 (small k) and click Find. This should give you a Jump To link to go directly to it.
OR
To enter a K-1 go to
Federal on left or at top
Wages and Income
Then scroll way down to Business items
Schedules K-1, Q - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
October 11, 2019
2:07 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
To add some further commentary:
- As a general partner, yes you are self-employed.
- Your K-1 box G should have an "X" in the general partner box.
- You should have an amount reported on line 14 code A. These will only be subject to SE Tax if this amount is positive (generating income).
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
October 11, 2019
2:26 PM
980 Views