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Do you put LLC partner bus. expenses and info you have a k-1 for in "Inc
I don't want to be caught double dipping as I see two places to put business expenses. I have put business expenses In TurboTax Self-Employed like advertising, startup costs, inventory etc in the Income and expenses section already with my LLC, what it made and its info specifically in "Self-employment income and expenses", but got confused after adding my k-1 which also of course has my LLC info, what it made as a partner and a place to put some business expenses. Is there something I should be removing?
Thank you.
Thank you.
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October 5, 2021
6:23 AM
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Business & farm
If you have a K-1 from a partnership then you ONLY enter the K-1 form ... do NOT also enter any income/expenses in the Business tab which is meant for a Sole Prop Sch C and not the partnership. You are NOT self employed so remove that entire section.
October 5, 2021
7:08 AM