Schedule K-1s are issued by pass-through entities (partnerships, S corporations, estates, trusts, and LLCs). These entities don't pay income tax on the profits and losses that are "passed through" to their partners, owners, shareholders, or beneficiaries on Schedule K-1.
If you are the recipient of a K-1, you would report the information on your personal 1040 income tax return.
If you haven't filed your 2019 1040 yet:
If you already filed your 2019 return
If your e-filed return was already accepted or you already mailed your return in, you'll need to amend to add the K-1 to your tax return.
If you are the owner of a business and need to prepare K-1s for partners, you would use TurboTax Business to prepare the appropriate income tax return and K1s.
no answer to my question i have been asking and looking for 2 weeks the 2019 1120s S Corp. I even went all the way question and answers thinking that was where I was. thank goodness I did not press send. I dont even know at this point if it is available with turbo tax
My accountant has been filing on a 1120s. is this available for 2019 with a K-1 included?
@charlestonblooms1 wrote:
My accountant has been filing on a 1120s. is this available for 2019 with a K-1 included?
If you are looking to complete and file an S Corp tax return, Form 1120S, for tax year 2019 you will have to use the TurboTax Business Edition. The Business Edition can only be installed on a Windows based personal computer.
To complete and file a 2019 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the 2019 desktop editions from this website - https://turbotax.intuit.com/personal-taxes/past-years-products/
A 2019 tax return can only be printed and mailed, it cannot be e-filed.
Can you clarify what you are looking for or what you are trying to accomplish? Are you trying to file a 2019 K-1 that you forgot to include on your personal tax return? Business returns for S-corps are prepared using different software than you use to prepare your personal tax return.....The business software creates the K-1 and you enter the K-1 on your personal return. If you need copies of something filed in 2019 for your business, the accountant that prepared your 1120S should be able to help.