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Member I

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

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?

5 Comments
TurboTax Specialist

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

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.

Member I

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

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

TurboTax Specialist

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

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.

Member I

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

Paula, Thanks again.  You are a boss!

Smiley Happy

 

Regards

Eric

TurboTax Specialist

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

You are welcome! Smiley Happy