Do I need a schedule K1 for a business that had no profit or loss?

[JohnVanZee123]

I am filing under my personal taxes and will turbotax auto populate a K1 if I need it?  Thank you.

[VolvoGirl]

What do you mean auto populate it?  If you get a K-1 you have to manually enter it into your personal return.  Ask the business if you will be getting a K-1.   If  are asking about your own self employment business you do not issue a K-1 for that.    You just fill out Schedule C in your personal return.

[HelenC12]

If you entered a K-1 on your 2020 personal income tax return, some of the information will carryover into your 2021 K-1. However, if you have a business that files form 1065, 1120S or 1120, then your business would generate and issue you a K-1 if the company had income, expenses or losses. You would then enter that information on the K-1 entry screens. 

 Please see the following: 

• What is a Schedule K-1 Tax Form? - TurboTax
• How to File Federal Income Taxes for Small Businesses