A few comments on your questions:
- You stated that the entity is an LLC treated as a partnership.
- There are clear legal distinctions between a true partnership and an LLC treated as a partnership.
- An LLC NEVER has a general partner.
- While the box on the K-1 may be the same for general partner or member-manager, that distinction for tax purposes is strictly related to treating any income as subject to self-employment tax.
- Since you are actively involved in the business, when answering the questions in TT, make sure you indicate that you materially participate. This should prompt TT to properly subject all your income from this entity as subject to self-employment.
- Additionally, hopefully the preparer of the LLC return properly reflected all the income in box 14 with a code A.
- Make sure you follow-up with the preparer so they can make a note in the file to adjust this next year.
*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.
