Personal business income/loss reported on both Schedule C and Form K1

[esolliday]

I have a Partnership LLC and received K- forms for both my wife and myself.  That information was entered under 'Personal Income - Schedule K-1".  The information was also entered "Business Income and Expenses - Schedule C"

Are they supposed to be entered twice?

[PaulaM]

Did you file a partnership return? If so, then you will only enter the K-1's for you and your wife. If you did not file a partnership return, then each of you enter your share of income/expenses under schedule C.

[esolliday]

Yes, the company did file a 1065.  So I would remove the entries for Schedule C?

[PaulaM · Accepted solution]

Yes. Enter the K-1's because you filed as a partnership entity. You would use the schedule C if you were filing as a disregarded entity and no 1065 would have been filed.

[esolliday]

Paula, Thanks again.  You are a boss!

Regards

Eric

[PaulaM]

You are welcome! 🙂