What is Schedule K-1?
ThomsonReuters
FEBRUARY 24, 2023
In the third year, it makes a profit of $200,000. Therefore, the partnership makes no tax payments on the first two years of losses. For the third year, which is a positive year, the partnership is taxed on $120,000 [$200,000 – ($40,000 x 2)]. Is K-1 income subject to self-employment tax?
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