I have an additional question.   When I  add the K1 to the 1040,  turbo tax is showing the net earnings of the llc to my taxable income.   turbo tax is not however, generating a schedule SE to calculate the self employment tax component.   The net profit from the LLC is only $432.  Is there any reason why the Schedule SE is not automatically done?

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@melbeaches wrote:

The net profit from the LLC is only $432.  Is there any reason why the Schedule SE is not automatically done?

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You are exactly at the cut-off point. If you had more than $432 in self-employment earnings, Schedule SE would be generated.

With respect to a K-1 (1065), self-employment earnings are reported on Line 14.

Thank you.

I also played around with the K1, increasing the ordinary business income on line 1 to $1000, and entered that amount on my 1040.  It did generate a schedule SE, and I see on there that income below $400 was not subject to SE tax.

Thanks for your help

Follow up question on Schedule SE.

Last year (2019) I had a small net loss on my LLC - I business I own but did not earn income thru.  I had a net loss of -796 which were basically deductions for business expenses. 

Last year my taxes were done by a CPA and Schedule SE was generated and it shows this loss.

This year (haven't filed yet ), I have the same situation - a small net loss thru the LLC. However, TT did not generate Schedule SE.

Can I assume this is OK and I do not need to file this form?

Thank you,

I meant to mention that TT did generate the Schedule C which shows the loss - but it didnt generate Schedule SE

That is my question - where's Schedule SE and do I need it?????

Answered on the other thread you posted to :  https://ttlc.intuit.com/community/user/viewprofilepage/user-id/4586260