Please clarify the type of K-1 to be carried to your 1040.
If it is a k-1 from Form 1065, that is considered from a partnership or multi-member LLC>
If it is a k-1 from Form 1120S then that is considered from an S corporation
If it is a k-1 from Form 1041, then that is considered from a trust or estate.
All of these k-1's, once entered will carry to Schedule E page 2 of the 1040 return. You will enter them into your TurboTax return under the category called "S-corps, Partnerships, and Trusts'.
Otherwise, if you are referring to a 1099-K, then that is income that will be entered onto your Schedule C or sole proprietorship.
A K-1 is generated from preparation of a partnership, trust, s corporation, or estate income tax return and is used to allocate income and deductions to individual owners of the entity.
