TurboTax double counting business income in LLC Partnership

[nprelowjr]

I am having trouble with TurboTax counting the income from my business and the income on my K-1 twice.  For the sake of avoiding any complicated math I will just use some round numbers to illustrate my issue.  I have a contracting business with a family member that is structured as a LLC partnership.  He owns 51% I own the other 49%.  In the business section, I entered the company's revenue ($100K) and its expenses ($50K).  Turbotax's summary of the business is that it had a profit of $50K.  Throughout the year I was paid $24.5K and he was paid $25.5, the respective ratios of the profit of $50K.  In the personal income section, my K-1 has $24.5K listed in box 1.  Turbotax then summarizes that MY total income is $74.5K.  I was not paid $74,500 last year (I wish that were true) but it is saying that I owe the tax for that amount.  Where have I entered wrong information?  Please help.

[Anonymous_ · Accepted solution]

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@nprelowjr wrote:

Where have I entered wrong information?  

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It appears as if you entered the same information twice; once from the K-1 you received from your LLC and again on Schedule C as a sole proprietor.

Only enter the information from your K-1 and do not generate a Schedule C by entering the information again as would a sole proprietor (which you are apparently not).

[nprelowjr]

I see it now.  Thank you!