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M
mj24lindala
Level 2
March 6, 2022
Question

Hello. I need help with Net earning from Self-employment on Form 1065. The entire net income is flowing to line 14a of K-1 and it should only be a portion. Help? TY

  • March 6, 2022
  • 1 reply
  • 11 views
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1 reply

T
TaxGuyBill
Level 15
March 6, 2022

Why do you think it should only be a portion?

M
mj24lindalaAuthor
Level 2
March 6, 2022

Yes.  Other software I used it was easy to allocate how much is self employed earnings.  This return I used the allocation boxes and it still leaves the full net income and considers it as all self employment.  Client took guaranteed payments and that will flow to their personal return as self employed income, remainder is net profit.

T
TaxGuyBill
Level 15
March 6, 2022

Unless the person is a Limited Partner, the profit in Box 1 is all self employment income.

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