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    Proseries Partnership return

    I just completed a 1065 for an LLC with two partners. I see that the guaranteed payments to partners will correctly be subject to Self-Employment tax. However, the Ordinary Business Income is only on line 1. The CPA last year also put each partner's amount as subject to Self-employment. I went through the forms etc., and would need to override my forms to get that amount to be included in Self-Employment. So, do I also include the Ordinary income amount in SE?

    #2
    Form 1065 isn't due till April 15th, correct?

    Form 1065 isn't due till April 15th, correct?

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      #3
      That is correct. It is not due yet. However, I am pushing to get it done so that can get the K-1's to the TP's so they may file their personal 1040's on time as well.

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        #4
        Originally posted by Openfire View Post
        I just completed a 1065 for an LLC with two partners. I see that the guaranteed payments to partners will correctly be subject to Self-Employment tax. However, the Ordinary Business Income is only on line 1. The CPA last year also put each partner's amount as subject to Self-employment. I went through the forms etc., and would need to override my forms to get that amount to be included in Self-Employment. So, do I also include the Ordinary income amount in SE?
        You need to check the general box on Schedule K1 worksheet to have it flow to line 14 on K1.

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          #5
          Kathy, you fixed my world. Thank you!

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            #6
            You're welcome.

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