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where do I enter expenses for musician

Forum|Forum|2 years ago
March 22, 2024
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In the past I have listed my business as a musician and entered my income and expenses there. This year our band decided to form an LLC. I now get my income reported on a K-1. Do I still put my expenses under the business tab (Schedule C) or do I need to do away with the business under that tab since income is now reported under personal with a K-1

TurboTax Home & Biz Windows

Best answer by DianeW777

Yes, you enter them a different way. You are allowed to deduct, from this income, any expenses you are required to pay that are not reimbursed. In my example I used the 1065-K1.

Sign into your TurboTax Account
Search (upper right) > Type k1 > Select the Jump to... link
Select Update beside your K1 > Edit beside the Activity
Continue to the screen 'Describe the Partnership'
Check the box beside 'I am required to pay supplemental business expenses on behalf of this partnership/LLC for which I am not reimbursed'
Check the box beside ' All of my investment in this activity is at risk' and/or any other box applicable
Continue through the remaining screens to enter your expenses
See the image below.

D

DianeW777Answer

Yes, you enter them a different way. You are allowed to deduct, from this income, any expenses you are required to pay that are not reimbursed. In my example I used the 1065-K1.

Sign into your TurboTax Account
Search (upper right) > Type k1 > Select the Jump to... link
Select Update beside your K1 > Edit beside the Activity
Continue to the screen 'Describe the Partnership'
Check the box beside 'I am required to pay supplemental business expenses on behalf of this partnership/LLC for which I am not reimbursed'
Check the box beside ' All of my investment in this activity is at risk' and/or any other box applicable
Continue through the remaining screens to enter your expenses
See the image below.

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D

davidlecatesAuthor

Follow up question.

In previous years when entering income and expenses under business as a musician I had depreciated a couple of guitars. Do I continue to depreciate under business or can I do that under the K-1 expenses also?