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4 Answers

Applying Schedule K-1 to form 1040?

Asked by: jmlcpl 2430 views YA Discussion

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?

4 Answers

  1. tro on Apr 07, 2012 Reply

    this is self employment income, sch C and SE unless of course if you are absolutely not active in the business at all
    and you will notice sch C asks for commercial codes, you file one for each type of business only one SE

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  2. Quick Answers on Apr 07, 2012 Reply


    If you can’t follow the form’s instructions (the schedule K-1 is MORE than one page), hire someone.

    You do schedule E and SE. You do a SINGLE schedule SE for yourself. You do NOT do a schedule C for the partnership income.

    The only way you’d have two schedule SEs attached to a single 1040 is if you are married and your wife also had self-employment income.

    Edit, yes, the money is combined on the schedule SE. If you had looked at line 2 of the form you would have seen the instructions that say to combine them.

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  3. Jacqueline on Apr 07, 2012 Reply

    Income from K-1 form is reported on Schedule E – page 2.
    You can have more that one schedule C and SE attached to your personal tax returns.

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  4. brucec83 on Apr 07, 2012 Reply

    Hire a preparer or get a copy of turbotax. It has a fairly easy interface where you can input the k-1. If you are doing it manually, you will have to follow the instructions carefully because you will not only have entries on schedules E and SE, but perhaps B and D and other places too.

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