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.
@nprelowjr wrote:
Where have I entered wrong information?
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 wrote:
Where have I entered wrong information?
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).