MonikaK1
Employee Tax Expert

Get your taxes done using TurboTax

If you received a distribution from an LLC, the entity needs to issue you a Schedule K-1.

 

If the LLC is taxed as a partnership, it needs to file a copy of Schedule K-1 (Form 1065) with the IRS to report your share of the partnership's income, deductions, credits, etc. and send you a copy to use in filing your personal return.

 

If the LLC is taxed as an S-corporation, it needs to file Schedule K-1 (Form 1120-S) and send you a copy to use in filing your return.

 

See this TurboTax help article for more information.

 

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