Level 15

Business & farm

A partnership files an information return on IRS Form 1065.  The partnership issues a Schedule K-1 to each partner, which reports their share of the partnership income.  The K-1 becomes part of each partner's tax return.

There is a section in TurboTax for entering K-1's.  Partners in a partnership are not paid a salary as employees.


Post back if this doesn't answer your question.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.