It depends. Do you have more business income to report other than the loss on your K1? According to this IRS link, "If the total of your net earnings from self-employment from all businesses is $400 or more, use Schedule SE (Form 1040), Self-Employment Tax to figure your net earnings from self-employment and tax owed."
If you net earnings are less that $400, delete the SE form. If using Turbo Tax Online,
- Go to tax tools>tools>delete a form>
- Look for Schedule SE and delete.
- If in the software, go to the forms mode and select Schedule SE. When it appears in the right-hand side of the screen, select delete form at the bottom.
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