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Returning Member
posted Mar 6, 2021 3:46:07 PM

K1 vs personal

I had a K1 generated for my partnership LLC -- the question is if I use Home and Business do I put the information in Home and Business K1 section only?

And do I disregard the self employed section under business and expenses?

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1 Replies
Level 15
Mar 6, 2021 3:48:53 PM

@jgrech062 wrote:

I had a K1 generated for my partnership LLC -- the question is if I use Home and Business do I put the information in Home and Business K1 section only?

And do I disregard the self employed section under business and expenses?

Yes, use the K-1 section to enter your K-1 and disregard the self-employed section unless you have a sole proprietorship (or another LLC treated as a disregarded entity).