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Personal business income/loss reported on both Schedule C and Form K1

Forum|Forum|7 years ago
April 15, 2018
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I have a Partnership LLC and received K- forms for both my wife and myself. That information was entered under 'Personal Income - Schedule K-1". The information was also entered "Business Income and Expenses - Schedule C"

Are they supposed to be entered twice?

Best answer by PaulaM

Yes. Enter the K-1's because you filed as a partnership entity. You would use the schedule C if you were filing as a disregarded entity and no 1065 would have been filed.

P

PaulaM

Did you file a partnership return? If so, then you will only enter the K-1's for you and your wife. If you did not file a partnership return, then each of you enter your share of income/expenses under schedule C.

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E

esollidayAuthor

Yes, the company did file a 1065. So I would remove the entries for Schedule C?

P

PaulaMAnswer

Yes. Enter the K-1's because you filed as a partnership entity. You would use the schedule C if you were filing as a disregarded entity and no 1065 would have been filed.

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