self employed income on personal taxes

Forum|Forum|11 months ago
April 13, 2025
1 reply
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I'm newly self-employed and my business taxes were done by an accountant, filed as an S-corp. When doing my personal taxes using TT home and business, do I enter my wages from the salary I received from my business in addition to my income on form K-1 or do I leave the w-2 section blank and only report K-1? I have no other W-2 to report, only rental income.

SharonD007

The wages that you received from your business that's reported on a W-2 will be entered into the Wages & Income section under W-2 income. Only information that's reported to you on the K-1 from your business will be entered in the Income from partnerships, S-corps, LLCs and REMICs section of Wages and Income.

To enter your K-1, follow the steps below:

Open TurboTax
Enter K-1 in the Search Bar, and select Jump to k-1 link
On the Schedules K-1 screen, select Yes
Select Yes, on the Did you receive any Schedules K-1? Screen
Select Start next to the type of K-1 that you have and enter the information.

If you are using TurboTax Desktop, review the TurboTax article Where do I enter a Schedule K-1 that I received?

The income entered from your K-1 appears on line 17 on form 1040 - Rental real estate, royalties, partnerships, S corporations, trusts.

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steph57Author

Thank you, Sharon!

I already have my K-1 entered. The rentals are completely separate from my business, I included that info because they are the reason I do Home and Business.

I was overthinking things, worrying that my LLC W-2 income may be counted twice since it was already taken into consideration in my business taxes and reflected in my K-1.