How to enter sch K-1

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where do u enter it

[HelenC12]

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.

The recipients then report the K-1 on their own personal tax returns.

For TurboTax Online:

1. Open or continue your return.
2. Search for K-1 and select the Jump to link in the search results.
3. This will take you to the Schedules K-1 or Q screen.
4. Answer Yes and follow the prompts. You may be prompted to upgrade to Premier, if you're not already using it.
5. We’ll ask some questions about your K-1, and then you’ll enter the data from the form.

If you already filed your 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.

Source: TurboTax FAQ