Applying Schedule K-1 to form 1040?
Asked by: jmlcpl
My LLC taxes are completed with all individual K-1s submitted to each member. How do I go about applying line 14 from schedule K-1 (Self-employment earnings (losses)) to my personal 1040 form?
Specifically do I file schedule E for a partnership or do I file a schedule C & SE for business?
In addition I will already be filing a schedule C & SE for a separate self-employed business. Would this mean I may have to file 2 separate schedule Cs and SEs?
So if I were to file schedule E for the LLC and file schedule C for my personal business would I then combine the totals from the 2 forms on schedule SE?