I prepared the 1065 and K-1s for our farmland using Turbotax Business. We (my wife and I) earn 1/3 of the revenue and pay 1/3 of the expenses. We contribute the land and the other party contributes all labor and management expertise. We spend maybe 10 hours a year on this, whereas the other party contributes 100s of hours, maybe a thouseand. By all accounts, we do NOT materially participate. We answered as such in the Turbotax questionairre. However, Self-employment earnings are reported on line 14 on the K-1.
Am I correct in that this should not be self employment earnings? If so, how do I get the program to reflect this on the K1s?
Thanks in advance!
You'll need to sign in or create an account to connect with an expert.
Are you general partners in the partnership? This designation, along with material participation, will trigger income on Schedule K-1 for Box 14.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
allinost
New Member
txchentax
New Member
jetlife2
Level 2
rhalexda
Level 2
Raph
Community Manager
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.