K1 1065 reported on SCH C

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  • JPROSBALLC
    Junior Member
    • Dec 2023
    • 17

    #1

    K1 1065 reported on SCH C

    Taxpayer reports business activity (company A) on SCH C (single member LLC)
    Company A has it's own EIN. Company A listed as partner of Company B. Company B issued K-1 1065 to Company A.
    Does taxpayer report the income(loss) on Sch C or as K-1 1065 - note the K-1 has the Company A's EIN not the taxpayer?
    Is there a 'crosswalk' for K-1 categories to a SCH C?
    Thank you in advance.
    DJ
  • Uncle Sam
    Senior Member
    • Jul 2006
    • 1461

    #2
    If Company B's K-1 reports Company A's tax ID #, the tax items should still be reported on Schedule E - where all partnership information should be reported.
    Schedule C doesn't have corresponding data inputs for partnership information. You haven't mentioned anything about whether Company B is earned income or passive, whether
    or not items qualify for QBID, whether subject to self-employment tax or other tax attributes.
    Uncle Sam, CPA, EA. ARA, NTPI Fellow

    Comment

    • TaxGuyBill
      Senior Member
      • Oct 2013
      • 2320

      #3
      I agree that it does not go on Schedule C.

      However, the K-1 SHOULD have been issued to the individual person and SSN, not the company name. Your client will want to get that fixed for next year.

      Comment

      • JPROSBALLC
        Junior Member
        • Dec 2023
        • 17

        #4
        Thank you for your responses

        Comment

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