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Where do you see self-employment tax on your K-1?
Your K-1 should not show self-employment tax. It does show self-employment earnings on line 14. The taxes are calculated on your personal form 1040 and Schedule SE.
I am preparing a simple Form 1065 for the first time. I entered total income $2,965 on line 8. Total deductions $1300 on line 20. Line 22 ordinary business income $1665.
When I get to the the Schedule K-1 Turbo tax inserts on Line 14, Self-employment, C and $1,482.
Since there are two Schedule K-1s I would have thought the Business income of $1,665 would be placed on Line 1 of Schedule K1. The Form 1065 has nothing on Line 1
Correction....the Schedule K-1 Line 1 has nothing on it.
Ok I am re-reading the posted answer. So the business income from the 1065 is reflected on the Schedule K-1 in the form of self employment earnings?
That is correct. You can see the posting if you go to:
On your 1040 it will be posted to Line 8 that is carried forward from Schedule 1.
If you continue to scroll past the 1040 you will see Schedule 1.
The K-1 is posted to line 3.
Line 3 is included in a total on line 10.
This is the number that carries to your 1040 and is subject to self-employment tax.
I'm having a difficult time understanding where in Turbo Tax you enter the income for a 1099 NEC I am on the income section and no where does it tell you.
when using Turbo tax a partnership.
You are entering a 1099-NEC as income into TurboTax Business reporting a partnership tax return.
You may report individual form 1099-NEC's by creating individual Receipts or sales categories.
However, you may also report sales receipts from your profit and loss statement and not report individual 1099-NEC's.
As an example, your profit and loss reports:
You may create one line for the $10,000 1099-NEC and a second line for the remaining Receipts of $190,000.
Or you may create one line for the Receipts of $200,000.
In either case, retain the 1099-NEC form with your tax records.
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