What does line 14C on a k-1 refer to?

What does line 14C on a k-1 refer to?

Let's start with: Which K-1?  There are multiple K-1 forms for the various forms of business.  Which one are you referring? Actually, why don't you actually tell us what the line says so we don't have to go look up what you are referring to????

 This is a partnership.  Line 14 says "Self Employment earnings"  14A  has $120,000 and 14C has just over one million dollars

For 401(K) comp what lines on the K-1 do I use?

Earnings subject to self-employment tax (14A)

5 hours ago, Jim Chad said:

 This is a partnership.  Line 14 says "Self Employment earnings"  14A  has $120,000 and 14C has just over one million dollars

For 401(K) comp what lines on the K-1 do I use?

 

The answer is you use my outline to calc self employment comp.  You cannot trust the information on K-1 forms.

Can someone who is reading this who I sent my compensation outline recently attach it for Jim as I am in Prague and can't access the computer that has that outline.

I'd like a copy too.

Attached.

15 hours ago, Larry Starr said:

The answer is you use my outline to calc self employment comp.  You cannot trust the information on K-1 forms.

Can someone who is reading this who I sent my compensation outline recently attach it for Jim as I am in Prague and can't access the computer that has that outline.

I would love a copy, too to see how it compares to the one my TPA uses. Thank you!

21 minutes ago, Lake View said:

Attached.

 

I don't see it- what am I missing?

asppa 2016 annual.self employed.IRS forms.pdf

asppa 2016 annual.sole prop outline..pdf

these show up and work on my end.  If have problems downloading them, just message me your email and I'll email you Larry's outlines

9 hours ago, RatherBeGolfing said:

asppa 2016 annual.self employed.IRS forms.pdf

asppa 2016 annual.sole prop outline..pdf

these show up and work on my end.  If have problems downloading them, just message me your email and I'll email you Larry's outlines

Thank you; I downloaded them here in Prague from your posting, so I assume everyone else should be able to.  if anyone has questions, go ahead and post them since I now my my outline too! :-)

7 minutes ago, Larry Starr said:

Thank you; I downloaded them here in Prague from your posting, so I assume everyone else should be able to.  if anyone has questions, go ahead and post them since I now my my outline too! :-)

Hope you are enjoying Prague!  Couple of questions if I may ...

1)  Would you never use amounts that are code B or C on line 14 to compute plan compensation?

2)  LLP was issuing K-1 to partner X until 2016.  In 2017 they issue K-1 to partner X living trust using partner X SSN.  Can we treat this as partner X SE earnings?  We are confirming whether the amounts are reflected on X' Form 1040.

Thanks!

Sorry, but it just will take too much work to analyze the issue when I am not in the office. Having said that, I want the accountant to provide me the Schedule SE and explain where all the input numbers came from. If the values PROPERLY belong on the Schedule SE, then I think they will be included in the determination, but the question I can't answer is whether they are correctly included in the SE.

27 minutes ago, Larry Starr said:

Sorry, but it just will take too much work to analyze the issue when I am not in the office. Having said that, I want the accountant to provide me the Schedule SE and explain where all the input numbers came from. If the values PROPERLY belong on the Schedule SE, then I think they will be included in the determination, but the question I can't answer is whether they are correctly included in the SE.

Thanks Larry, that's very helpful!  Maybe you can provide a quick response without analysing the issue at depth:  plan sponsored by partnership excludes union employees.  One of the partners receives W-2 as a union employee but he also receives K-1 income.  I am assuming his K-1 amount can be treated as eligible income for calculating plan compensation.  Am I missing something?

I would appreciate a copy as well.

TX.

Is there one for the new comp rules yet?

I'd appreciate a copy.

On 9/6/2018 at 11:39 PM, PensionPro said:

Thanks Larry, that's very helpful!  Maybe you can provide a quick response without analysing the issue at depth:  plan sponsored by partnership excludes union employees.  One of the partners receives W-2 as a union employee but he also receives K-1 income.  I am assuming his K-1 amount can be treated as eligible income for calculating plan compensation.  Am I missing something?

First of all, he shouldn't have a W-2; if he'a a partner, IRS says he can't also be a W-2 employee (unless it occurred BEFORE he became a partner). There is citation for this.

But, if there is a W-2 and a K-1, they get aggregated (with the K-1 income being adjusted as appropriate for net SE income).

3 hours ago, thepensionmaven said:

I'd appreciate a copy.

look at the responses above; there are links to the two  parts of the outline so you can download.

Got it, thanks.

I thought there might be a spreadsheet, which is why I asked again.

Sorry.