K1

[clang2]

Just received Schedule K-1(form 1065) and check from partnership. Since I received the money in 2023, can I put it on my 2023 taxes?

[HopeS]

No, the K-1 is from the 2022 Partnership return, therefore you should enter the K-1 exactly as it is shown when you complete your 2022 personal return. The partnership return (Form 1065) including the K-1s  will be efiled with the IRS, hence your personal return should match the K-1 reported to the IRS. Otherwise, you may receive a Tax Notice and will need to amend your return.

Below are the steps on how to enter Form K-1 with TurboTax Online:

1. Sign in to your TurboTax account.
2. Open or continue your return. ...
3. Using the search bar, type K-1 and select the Jump to link from the search results. ...
4. Answer Yes to Do you want to review Schedules K-1, Q
5. This will take you to the Schedules K-1 or Q screen.

@clang2 

[Mike9241]

was the partnership liquidated or did you sell your entire interest in it? if so there is additional reporting