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No -- You don't have to enter your self-employment income separately.. It is included on your K-1 in Box 14 with Code A - Net earnings (loss) from self-employment. Just enter your K-1.
To enter any unreimbursed partnership expenses (UPE), please follow these steps as you are going through the K-1 interview:
Thank you @Irene2805 for your reply! One follow up question.
I'm doing my business taxes in H&R Block and my personal taxes in TurboTax. For the unreimbursed partnership expenses (UPE), wouldn't those have already have been considered/entered into the data that shows up in the K-1 I'm entering into Turbo Tax?
Asked a different way: do I need to enter them a second time on the TurboTax (personal) side of my taxes?
No - If they are truly unreimbursed partnership expenses, they are not reported on the Schedule K-1 of the partnership--they are expenses incurred by the partner and are reported by the partner on his or her tax return.
Thank you @Irene2805. That makes so much sense now! In our case, we're starting a business and ALL the expenses have already been fed into the K-1 that's being entered into Turbo Tax.
You're very welcome!
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