So when filing using the Schedule K on my personal 1040 using self employed I only enter the profit on the Schedule K as the income? Yet, it asks me for all of my deductions and expenses again just like on turbo tax business to get the 1065 done. Is that right?
do you really mean schedule K-1 for each partner that comes from the partnership return?
it is the K-1s that get entered on your 1040. in turbo tax look for k-1 partnership. in step by step mode - it may ask for items that don't apply. only most of the lines on the k-1 that are not blank or 0 need to be entered. there are some lines on the K-1 that can be skipped. like line 19. line 20 also may contain some data that can be skipped but there are too many possibilities for me to give you advice.
Do NOT enter the business income & expenses again on the personal return in the Sch C section ... you will ONLY enter the K-1 in the K-1 section ...
To enter a K-1 go to
Federal Taxes Tab ( Personal in the H & B or SE versions )
Income & expenses
Choose Explore on my own or I'll choose what to work on (if it comes up)
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