SCHEDULE C Income from K-1

[yvonneh95]

How do i file the Schedule C income form K-1?

[Marc-TaxMan]

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

[abctax55 · Accepted solution]

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.

[abctax55]

I'm guessing guaranteed payments & QBI?

[TaxGuyBill]

I'm guessing the K-1 came in the name of the existing Schedule C business (such a disregarded entity LLC).

[abctax55]

:+1:

[IRonMaN]

Ok, I'll throw 5 bucks in on the longshot of UPE.

[dd4vols]

But wait.... what if the K-1 came from an entity named  "Schedule C"?

[IRonMaN]

Any place else, I would say that is really stupid.  However, I have learned that absolutely anything is possible around this place.

[garman22]

LOL!!!

[TaxGuyBill]

"But wait.... what if the K-1 came from an entity named  "Schedule C"?"


That's awesome.   

[grendale]

Have S Corp no w2 employees applying to the ppp program hoping i

could turn my K1 into a Schedules C

[grendale]

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

[abctax55]

Attempting to defraud the government is generally frowned upon. 

And, don't you pay yourself (as is required under almost ALL circumstances) a reasonable salary from said S-Corps?

[qbteachmt]

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.

[klimli]

Using ProSeries 2018

Client has disregarded entity (1 member LLC) which does not get income tax filing and K-1 from partnership to that LLC goes to personal taxes.

It's on Schedule E, not Schedule C for some reason.

I cannot find the way to legally move it to Schedule C.

[sjrcpa]

Income from K-1s gets reported on Schedule E.

There is no way to get it on Schedule C.

[qbteachmt]

"which does not get income tax filing"

Yes it does; that is part of the 1040.

"and K-1 from partnership to that LLC goes to personal taxes.

It's on Schedule E, not Schedule C for some reason."

You already stated the reason: Disregarded Entity. That is the reason. This Person, individually, is the partner in that other entity.

[wks]

I have 4 schedule K-1 for my single llc. Can anyone tell me how they are entered on my 1040 scheduel C

The forms show Ordinary Income, self employment earnings & short term capital gain.

HELP!!!

[abctax55]

@wks 

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

[George4Tacks]

Can we just start a new thread for "I don't know what I am doing, so I don't know how to ask a question. Can you help me?"

How many Level 1 people have posted on this thread never to be heard from again? Who wants to start a counter?