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.
Your K-1 may not arrive until March, April, or even later. This is because the pass-through entity needs to complete their tax return before they can distribute K-1s.
For TurboTax Online
If you haven't filed yet:
Open your return in TurboTax. (To do this, sign in to TurboTax and then select the Take me to my return button.)
In your TurboTax program, search for K-1 and select the "Jump to" link in 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 are using the Federal Free version of TurboTax.
We’ll ask some questions about your K-1, and then you’ll enter the data from the form into TurboTax.
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.