K-1 deductions

[Accutax Corp]

I have a client that received a K-1 with 13,000 as Box 4 Guarenteed payments and Box 14 Self employment earnings. He has deductions like milage and supplies to off set this income but WHERE TO I PUT THESE DEDUCTIONS. Do I create a Schedule C . Im LOST. Any Help would be greatly appreciated
Thanks Bob

[S T]

Unreimbursed

Expenses would go on (Form 1040 - added this to clarify)Schedule E page 2, either for Partnership or S corp.

My software has a computer entry on the K-1 form in the form 1040, to enter and then it flows through,

Otherwise you would have to do a manual entry on Page 2, of Schedule E.

[Accutax Corp]

Ok

Thank you very much.

[Gretel]

Expenses would go on Schedule E page 2, either for Partnership or S corp.

My software has a computer entry on the K-1 form in the form 1040, to enter and then it flows through,

Otherwise you would have to do a manual entry on Page 2, of Schedule E.

With all due respect (and I do appreciate your knowledge very much), I think there is a booboo in here. Sch. E pg 2 works for the 1065 only.

In addition, the partnership or operating agreements needs to include a clause that the partner/member is required to pay expenses for the partnership. Otherwise no deduction allowed.

[BHoffman]

With all due respect (and I do appreciate your knowledge very much), I think there is a booboo in here. Sch. E pg 2 works for the 1065 only.

In addition, the partnership or operating agreements needs to include a clause that the partner/member is required to pay expenses for the partnership. Otherwise no deduction allowed.

Gretel, the use of technical jargon really isn't necessary (booboo?) Hahahaha!!!!

[ChEAr$]

Ah yes,

Gretel, the use of technical jargon really isn't necessary (booboo?) Hahahaha!!!!

M'am, but she DID hit the nail on the head, eh what? (grin)