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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:
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
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