Reporting K-1 1065 business income

paulferrara67 · ‎April 9, 2020

I am a partner in a business that sends out K-1's (1065). This is my sole source of business income, but when using TurboTax Home & Business, it only asks for income reported on a 1099-misc or 1099-K. Where do I enter K-1 business income for my business? It asks about K-1's later in my personal income section, but that's not where I need to report it.

I have an LLC and the LLC is the entity listed as earning the income on the K-1.

tagteam · ‎April 9, 2020

@paulferrara67 wrote:

It asks about K-1's later in my personal income section, but that's not where I need to report it.

It appears as if you are using TurboTax Self-Employed or Home & Business. Either way, you actually do enter the information from your K-1 in the Personal section of the program which, in turn, will distribute your entries to the proper lines on the forms.

paulferrara67 · ‎April 9, 2020

Even if the K-1 lists my LLC and has my Federal Tax ID # on there instead of my SSN?

tagteam · ‎April 9, 2020

@paulferrara67 wrote:

Even if the K-1 lists my LLC and has my Federal Tax ID # on there instead of my SSN?

The statement is somewhat unclear but, for example, if your LLC is a member of the LLC from which you received a K-1 and the recipient LLC is a single-member LLC, you would still report that K-1 in the Personal income section; single-member LLCs are disregarded for federal income tax purposes.

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Reporting K-1 1065 business income

Business & farm

Business & farm

Business & farm