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:
- Sign in and open your return by selecting Pick up where you left off under a section.
- Search for K-1 and select the Jump to link at the top of the search results.
- This will take you to the Schedules K-1 or Q screen.
- Answer Yes and follow the prompts. You may be prompted to upgrade to Premier, if you're not already using it.
- We’ll ask some questions about your K-1, and then you’ll enter the data from the form.
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.
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