Question

Why does K-1 show self employment tax?

Forum|Forum|3 years ago
March 15, 2023
2 replies
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TurboTax Online

Where do you see self-employment tax on your K-1?

Your K-1 should not show self-employment tax. It does show self-employment earnings on line 14. The taxes are calculated on your personal form 1040 and Schedule SE.

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J

JL JohnsonnnnnAuthor

Ok I am re-reading the posted answer. So the business income from the 1065 is reflected on the Schedule K-1 in the form of self employment earnings?

JohnB5677

That is correct. You can see the posting if you go to:

On the menu bar on the left that shows.
1. My Info
2. Federal
3. State
4. Review
5. File
Select Tax Tools
On the drop-down select Tools
On the popup menu
Select View Tax Summary
On the left sidebar
Select Preview my 1040.
To return to the entry screens press Back on the sidebar.

On your 1040 it will be posted to Line 8 that is carried forward from Schedule 1.

If you continue to scroll past the 1040 you will see Schedule 1.

The K-1 is posted to line 3.

Line 3 is included in a total on line 10.

This is the number that carries to your 1040 and is subject to self-employment tax.

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J

JL JohnsonnnnnAuthor

I am preparing a simple Form 1065 for the first time. I entered total income $2,965 on line 8. Total deductions $1300 on line 20. Line 22 ordinary business income $1665.

When I get to the the Schedule K-1 Turbo tax inserts on Line 14, Self-employment, C and $1,482.

Since there are two Schedule K-1s I would have thought the Business income of $1,665 would be placed on Line 1 of Schedule K1. The Form 1065 has nothing on Line 1