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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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My husband received a 1099 from his business , but they then

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My husband received a 1099 from his business , but they then converted it to a K1. Where do I input the income , specifically, which box in turbo tax would I fill out? these were his wages.
Submitted: 3 years ago.
Category: Tax
Expert:  Wallstreet Esq. replied 3 years ago.

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for on.

 

A partnership files an annual information tax return with the IRS, Form 1065, stating all items of taxable income and tax deductions. Included is Schedule K-1 which details each partner's share of taxable income and tax deductions

 

. If you are a member of a partnership that carries on a trade or business, your distributive share of partnership income or loss is taxable to you on your tax return

 

. It makes no difference whether or not the partnership profits were distributed, they are still taxable on your tax return. Partnership income that is not withdrawn increases the value of your capital account.

 

 

 

 

Report the partnership income on the Form 1040 as indicated on Schedule K-1 of Form 1065. The net earnings from self employment are shown on Schedule K-1 of Form 1065. Figure your self employment tax on Form 1040, Schedule SE. Do not attach Form 1065 or it's Schedule K-1 to any personal tax return filed.

Customer: replied 3 years ago.
o.k. I'll admit I'm going on limited info here. so it was a 1099 misc. now I'm being told it's a k-1. my husband's partner was talking about entering an extra 40k and not having his liability change. Basically my husband received 47k for services provided to the company, paid 8k in alimony, 17k in mortgage interest, and I can't figure out why the tax software says he owes 8K? What am I entering wrong?
Expert:  Wallstreet Esq. replied 3 years ago.
the 47,000 is taxable income, if that is his only income $8000 seems high, if it is added to more income than 8,000 may be reasonable try contacting turbo tax directly to see if you have to input the income in another way to pay the correct tax
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 16114
Experience: 10 years experience
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