Calculate Schedule K Line 14c - Gross nonfarm income
UltraTax CS calculates the amount of Schedule K, line 14c, Gross nonfarm income for partners subject to self-employment as the sum of:
- Form 1065, Page 1, line 3, Gross profit
- Form 1065, Page 1, line 7, Other income (loss)
- Gross nonfarm income entered on the K1-3 screen
Some individual partners need this amount to calculate net earnings from self-employment under the nonfarm optional method in Schedule SE (Form 1040), Section B, Part II.
note
- To force the gross farming or fishing income and nonfarm income to calculate for all partners, selectCalculate gross farm and nonfarm income for all partnersin the K-3 screen.
- Use theGross nonfarm income (Force)field on the SepK screen to force a different amount, including zero (0), for Schedules K and K-1.
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Calculate Schedule K, line 14a - Net earnings from self-employment
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