A partner had the following items reported on a partnership Schedule K-1: The partner's self-employment income for the year equals:

Question

A partner had the following items reported on a partnership Schedule K-1:  The partner's self-employment income for the year equals:

Quizplus · Accepted Answer

The code "11ea71e9_43d6_0774_91e5_f7876b464558_TB3403_00" on the Schedule K-1 indicates that the partner had $37,000 of net earnings from self-employment. This amount should be reported on the partner's individual tax return and subject to self-employment tax.

A Partner Had the Following Items Reported on a Partnership