Calculate Schedule K, line 14a - Net earnings from self-employment
UltraTax CS calculates self-employment earnings (SE) per activity for partners in the Partner's Self-Employment Worksheet. The calculation is based on the type of partner you select in
View
, Partner Information
, then the Partner
tab. - General PartnerandLLC Member (SE Income)calculate SE for all items.
- Limited PartnerandLLC Member (SE on services)calculate SE only on guaranteed payments for services. Enter the amount of guaranteed payments for services and allocate the amount on the SepK screen of the related activity (Inc & Ded, Farm, Farm Rent, Rent & Royalty, Schedule K). The amount you enter will allocate to all partners based on their profit percentage. SelectPtr Allocto allocate this amount to the partners.noteTo prevent calculation errors, only allocate guaranteed payment amounts on the SepK screen of the activity (Inc & Ded, Farm, Farm Rent, Rent & Royalty, Schedule K) where you entered the guaranteed payments.
- LLC Member (No SE)won't calculate self-employment earnings.
note
Enter an amount in the
Net earnings (loss) from self-employment (Force)
field in the SepK screen to override the self-employment income that UltraTax CS calculates. Use Ptr Alloc
to allocate this amount to the partners. This removes the supporting worksheet for the partners.Related Content
-
Calculate Schedule K Line 14c - Gross nonfarm income
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