Hi,
I work at a private equity fund. I received a K-1 annually for my co-investment in the fund. The fund is invested in deals that I am directly involved with, as well as others that other investors work on. On Turbotax, there is question asking that "Did you materially participate in this partnership's business activities". I am not sure if the answer will be "Yes" or "No".
Note: I worked full-time at that place in 2021.