Where do I get a K-1? I am a new business owner and it is my first time filing for it. How do I get a K-1 generated?

[Vanessa · Accepted solution]

A K-1 would be generated by a partnership or S-Corp.  If you formed your business as either a Partnership or an S-Corp and are required to file either the 1120S or 1065 you would need to use TurboTax Business to file your Partnership or S-Corp return.  Either filing will generate a Schedule K-1 which you will then use to file your personal income tax return.  The K-1 is entered on your personal return by:

1. Click on Federal Taxes
2. Income & Expenses
3. Scroll down to Business Investment and Estate/Trust Income and click Show More
4. Click Start next to Schedule K-1

If on the other hand, your business is a sole proprietorship or a Single Member LLC (not required to file 1065) you will then just need to use TurboTax Self-Employed which will take you through the steps to fill out a Schedule C.  If this is the case, you will not have a K-1.  

[Makinitez21]

Thank you so much, that completely answered my question.