JoannaB2
Expert Alumni

Investors & landlords

Yes, you may have to amend your 2020 income tax return if Schedule K-1 has a taxable income on line 2 or 3 of 1065 K-1 or 1120-S K-1.  Otherwise, don't report it on your taxes.

 

A Schedule K-1 is a tax document used to report the incomes, losses, and dividends of a business's partners or an S corporation's shareholders. The Schedule K-1 document is prepared for each individual partner and is included with the partner's personal tax return.