SCHEDULE C Income from K-1

Forum|Forum|6 years ago
December 7, 2019
2 replies
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How do i file the Schedule C income form K-1?

ProSeries Professional

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Best answer by abctax55

I don't think that you do.....Sch C is sole proprietor and K-1 comes from an entity. That K-1 income/loss etc gets reported on the individual Form 1040.

NMI on what you are attempting to accomplish.

M

Marc-TaxMan

Level 7

What kind of return are you doing? Your taxpayer received a K-1? what kind? S/P/T?

G

grendale

Level 2

the k1 come from 1120s return because we lot a lot of business do to covid

i was trying apply for the PPP program that call a schedule c or a 941

which we used day labor

qbteachmt

Level 15

This is not compliant: "Have S Corp no w2 employees"

Because the IRS requires "reasonable compensation" for services performed. And if none are performed, there is no business. Otherwise, that would be you = employee-shareholder.

"applying to the ppp program hoping i could turn my K1 into a Schedules C"

Uh, no. That's not what this means.

You are already in a bit of trouble with this situation as described here. You intend to make it worse? Applying for yourself under a Schedule C means you are running a different business than the S Corp is running.

"i was trying apply for the PPP program that call a schedule c or a 941

which we used day labor"

Are you a professional tax preparer working on your clients' tax return? This is a forum for using ProSeries software.

It seems you need some professional guidance for how to run your business. At a minimum, you cannot be your own day laborer, and "day laborer" doesn't overide Employment categorization.

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abctax55Answer

Level 15

I don't think that you do.....Sch C is sole proprietor and K-1 comes from an entity. That K-1 income/loss etc gets reported on the individual Form 1040.

NMI on what you are attempting to accomplish.

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