Proseries Partnership return

[Openfire]

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?

[AZ-Tax]

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

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

[Openfire]

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.

[kathyc2]

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.

[Openfire]

Kathy, you fixed my world. Thank you!

[kathyc2]

You're welcome.