turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

roche314
Returning Member

How do I enter a schedule k-1 (form 1065) partnership into business income?

I followed these instructions "Where do I enter a k-1" 

When I entered my k-1 info into Turbo Tax it only shows up in personal income, not in business income, now my business income is showing a loss and I cannot deduct my full home office expenses.

 

How do I get this to show up as business income?

 

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

How do I enter a schedule k-1 (form 1065) partnership into business income?

roche314
Returning Member

How do I enter a schedule k-1 (form 1065) partnership into business income?

Thanks for the reply, but it doesn't solve my problem.

 

I am a sole proprietor, this company used to send me 1099's and I would enter them as business income, now they are sending me this schedule k-1, where I am a limited partner, and the only boxes that have values are the "payments for services rendered".  

The k-1 is specifying the EIN of my sole proprietorship, I need to be able to enter this into the business side of Turbo Tax, so my business shows a profit.

How do I enter a schedule k-1 (form 1065) partnership into business income?

"payments for services rendered"  what line # on the k-1? this is not a standard description on any line of a partnership k-1.  the partnership may be issuing you a k-1 when it should be issuing you a 1099-NEC.  there is no way to link a k-1 to your schedule C. Not reporting the k-1 as such on your tax return will cause you problems with the IRS.  

 

"payments for services rendered" seems inconsistent with being a limited partner. 

 

 

 

 

roche314
Returning Member

How do I enter a schedule k-1 (form 1065) partnership into business income?

The only boxes that are filled in are 

4a "Guaranteed payments for services" = my income + health insurance

13 "Other Deductions" = (M) Health insurance payments

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question