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rgbryan2
Level 1
August 31, 2022
Question

PARTNERSHIP SELF EMLOYMENT EARNINGS CALCULATION

  • August 31, 2022
  • 1 reply
  • 7 views

DOES THE NET LOSS ON THE PARTNERSHIP OFFSET THE PAYMENTS TO PARTNERS

 

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1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
August 31, 2022

Are you asking if, on the 1065 K-1, the Box 14 net earnings from self-employment includes both guaranteed payments for services and Box 1 ordinary business income? 

You should look at the "Worksheet for Figuring Net Earnings (Loss) From Self-Employment" from the 1065 instructions. Lacerte's calculation follows the worksheet.

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