Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

where to enter salaries paid in a Partnership K1

osgopelo
Level 1

where to enter salaries paid in a Partnership K1

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

2 Comments 2
dd4vols
Level 10
Level 10

Partners do not get salaries.   Can NOT get a W2 or have tax withholdings. 

 If you are talking about guaranteed payments..............they go on Page 1, in the Deductions section, in the Guaranteed Payments Smart Worksheet.  They also go on the respective K-1 worksheets of the partners who did receive guaranteed payments... on line T.  if you do these 2 things right, they will flow to the appropriate K-1s.

If you have the partners getting salaries, W2s, and tax withholdings, then you have a terrible mess that will require correcting w2s, 941s, state unemployments, and state withholdings (if applicable).

And if you didn't know partners could not have salaries, then you should  let your client find more competent accounting help.

If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.
Accountant-Man
Level 13

Wages for QBI calculations?

** I'm still a champion... of the world! Even without The Lounge.