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How to enter guaranteed payments excluded from self-employment tax in ProConnect Tax
by Intuit• Updated 3 months ago
By default, ProConnect Tax treats guaranteed payments as derived from a trade or business as defined in section 1402(c). Per the Instructions for Form 1065, these guaranteed payments should be included in self-employment income on line 14a. If the partnership's guaranteed payments were not from a trade or business as defined in section 1402(c), you can remove the amount from line 14a. Here's how:
- Go to Input Return ⮕ Schedule K ⮕ Other Schedule K Items ⮕ Other Schedule K Items
- Across the top, select Taxes
- Enter the amount you want to generate on line 14a in Net earnings from self-employment [Override], or enter -1 for none.
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