What is a Schedule K-1?
Below is the full transcript for the above video.
A Schedule K-1 reports income from pass-through entities, which are partnerships, S corporations, estates, trusts, and LLCs. So if you’re a member of any of these, you’ll probably get a K-1. Some brokerages may also send one for certain investments.
If you get a K-1, you have to report it on your personal tax return. Keep in mind, you might not get yours until March or April—or even later—because the entity has to complete their returns before distributing any K-1s.
If you haven’t filed, you can easily enter your K-1 in TurboTax. With your return open, visit the Wages & Income section, find Schedule K-1, and answer the questions.
If you’ve already filed, you’ll need to amend your return to add the K-1.
