So it appears, as I manually put the data (from a paper k1) into the 2014 module that he is being taxed both on the ordinary income @ 14,631 but the same 123K is being taxed @ US$17,244 for a total tax of 32,792. Need some help since I think the old accountant (died) did it wrong. The client did not get 246K of income.
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Active partners pay both income and self-employment tax on partnership income.
Active partners pay both income and self-employment tax on partnership income.
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