Okay, for your partnership return you will need to file a form 1065 which will report all the income and expenses from the partnership, you can use Turbo Tax Business for that. Click here to get that: https://turbotax.intuit.com/small-business-taxes/
Once you file the 1065 it will generate a Schedule K-1 for each partner. The K-1 will get reported on your personal return along with your W-2 and your self employment income. The best version to help guide you through reporting all your different income and expenses is Turbo Tax self-employed. Click here for that: https://turbotax.intuit.com/personal-taxes/online/
Is your income from your self-employment from the company you own?
1400.00 of it is. the rest is income from self-employment and from employment
general partnership. have gotten the LLC however it is not yet filed with county or federal government. The EIC we have been issued is under General Partnership. Is that the answer you were looking for? I am confused.....sorry!!!
thank you for that answer - that makes a huge difference!! I do have one more question, if you don't mind??
I did received 1099 income from my self-employed contractor job. I then paid contractors who helped me with these jobs out of my personal checking. This job was not part of my partnership. Do I need and EIC in order to 1099 misc these 2 contractors I paid from my personal earning??.....or do I 1099 them under my SSN? In the past I also 1099'd contractors I paid out of my personal account via my SSN. Not sure how to handle it this year.
You would 1099 them under your social security number since your self-employed contractor job is using your social security number as the tax ID number.
ok - great - that brings clarity to me!!! Thank you so much. I want to ensure that we follow all tax laws to the letter and this tax system and the support services are worth it!!! Excellent job and thank you for your time and expertise.
Okay, for your partnership return you will need to file a form 1065 which will report all the income and expenses from the partnership, you can use Turbo Tax Business for that. Click here to get that: https://turbotax.intuit.com/small-business-taxes/
Once you file the 1065 it will generate a Schedule K-1 for each partner. The K-1 will get reported on your personal return along with your W-2 and your self employment income. The best version to help guide you through reporting all your different income and expenses is Turbo Tax self-employed. Click here for that: https://turbotax.intuit.com/personal-taxes/online/