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emorykesteloot
Returning Member

i receive income as a retired partner from my personal services partnership. it is being treated as investment income by turbo tax

 
2 Replies
MikeinSC
Level 4

i receive income as a retired partner from my personal services partnership. it is being treated as investment income by turbo tax

Did you receive a 1099 MISC with an amount in the non-employee compensation box 7?

This needs to be reported on a Sch C in Turbo Tax.

https://turbotax.intuit.com/tax-tips/self-employment-taxes/how-to-file-taxes-with-irs-form-1099-misc...

MarilynG1
Expert Alumni

i receive income as a retired partner from my personal services partnership. it is being treated as investment income by turbo tax

Did you receive a K-1 reporting your share of the income?   If not, unless you received a 1099-B or 1099-S it would be considered self-employment income, rather than investment income. 

 

Click the link for detailed info on Reporting Business Income and Expenses.

 

 

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