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K1 1065 reported on SCH C

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    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

    #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

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      #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


        #4
        Thank you for your responses

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