Business & farm

Thank you for the correct token number. Here is what we found:

Sch SE-S has $7,500 on Line 2, which is coming from Schedule C, assigned to Spouse. There is no amount on Line 2 for Sch SE-T.

None of the K-1s have info on Line 14. They are all assigned to Taxpayer, one as GP, the other two are LP.

If you expect Self-Employment income to be flowing from any Schedule K-1, you will need to update these forms to show codes and amounts on Line 14. Also confirm who should be shown as the Partner for each K-1. You may find it easier to make these changes in Forms mode:

1. Click Forms in the TurboTax header
2. Scroll down to K-1 Partner (there are three) and click to open in the large window.
3. For each K-1, verify the info in Part II (Information About the Partner), especially the boxes above Line E and the box checked on Line G.
4. Scroll down to Part II Line 14. Click the Code box and choose A (Net earnings from self-employment) and enter the amount under the Amount column.

However, if the K-1s you received DO NOT show amounts on Line 14, you will need to revise the business return (if not already filed) or amend (if already filed).