Is a K-1 Taxable?

[TomInVA]

Hello,

The K-1 Schedule is so confusing.  I had a relative who passed away.  The estate went through probate and I'll be receiving a K-1.  Is the K-1 taxable?  Do I have to file it with my tax return?

The more I read about it, the more confusing it gets.

Thank you,

Ron

[MonikaK1]

Yes, when you receive your expected Schedule K-1, you need to enter all of the fields in TurboTax as prompted so the information will be included with your return. You will need to enter the information, but whether this results in additional tax depends on the type of items reported and the amounts. A Schedule K-1 is a document that partnerships, LLCs, S-corps, estates, and trusts use to describe to owners/shareholders what income they are receiving from the entity.

See this article for instructions to enter a K-1

See this article for more information on K-1s in general.