K-1 shows I received income, but I was not paid any money. What do I do?

[MinhT]

You have to report this Schedule K-1 on your tax return. Schedule K-1 reports income allocated to you from a partnership or S-corp in which you have an interest. Income reported on the K-1 is taxable even if you have not received a distribution of that income.

This is how to enter your K-1 on your tax return:

To enter your form 1120s Schedule K-1 in TurboTax, open your return and follow these steps:

• Click on Federal in the left-hand column, then on Wages and Income on top of the screen
• Under All Income, locate the Other Business situations section
• Click Show more and click Start next to Schedules K-1, Q (see attached screenshot).