I have been working on this for weeks -
our LLC has 3 members
we lost money yet TT included 1/3 of our income as SE earnings
I've checked - we hvae no rental or roalitiy income -- boxes are blank - only service income
I've implimented all the prevous TT comunity answers
I think this is a programing error -- what else can i do to get the program to not repot and SE income
You'll need to sign in or create an account to connect with an expert.
@OldCarGuy wrote:and it shows up on K1 line 14 A but 14C shows a gain = 1/3 of our revenue
That is correct.
Code "A" means your profit that you NEED to pay self-employment tax for a profit.
Code "C" is an optional way if you CHOOSE to pay self-employment tax for certain reasons.
@OldCarGuy wrote:do i need to include this number on my K1s
if yes, must the partners include in their personal returns
Yes and yes.
But unless the partners on their personal returns make the CHOICE to use the optional method of calculating SE tax, Box 14C will have no effect on anything.
Look at your 1065. Is there a positive number on Line 23?
yes -173
Then that number will wind up on the K-1s on Lines 1 and 14
sorry -- you asked if we had a positive number on line 23 -- NO its a negitive 173
and it shows up on K1 line 14 A but 14C shows a gain = 1/3 of our revenue
14A shows a loss?
Schedule K shows this ammount as "no farm income" -- do not understand
YES 14 A shows the correct loss
Nonfarm income. That's the figure you use for self-employment net earnings on your personal income tax return.
but how can we have any SE income from an LLC loss??
I don't know because I can't see your return. Are there any income items in Schedule K of your 1065?
You might want to contact Support; they have the ability to see your return with sharing.
ok thanks
--i see a support link above
the link only has "stock" answers -- how to hire an expert
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17698892124
New Member
Gerric2
New Member
kaemont
Level 2
r8drdog
New Member
user17698861307
New Member