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- Why doesn't Self Employment Income from Partner K-1 add to Partner Basis in Lacerte?
Why doesn't Self Employment Income from Partner K-1 add to Partner Basis in Lacerte?
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MardiGras
Level 1
05-20-2022
03:31 PM
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Client is a service partner in an investment firm. Receives a K-1 with Guaranteed Payments for Services that equals Self-Employment Income. UPE (generated outside the partnership) reduces basis but because the amounts for Self-Employment Income that is being taxed isn't added to the basis this results in the UPE being disallowed/limited to just the basis generated from the partnership.
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