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Business & farm
Hi,
If it is a partnership LLC, then the K-1 Information gets entered in the"Personal" section of your 1040, NOT the "Business" Section. The Business Section of the 1040 is Schedule C. K-1 Information entered will generate Schedule E "Partnership Profit and Loss". At the bottom of the "Personal Income" selections you will see K1 Information.
If there are multiple activities for your partnership, i.e. Rental Income plus some other ordinary business, then you need to run the interview twice, and each time make the proper selection for the K-1 information - whether it is ordinary income, rental income, etc. This will hopefully generate the 2 copies of Sched E you would need. Otherwise a single Sched E is ok.
March 7, 2020
5:20 AM