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dyzusc
Returning Member

schedule K reporting and carry over

I have a small business and get a Schedule K each year. For tax return year for 2020, my schedule K was not reported in my tax return so I completed an addendum. This schedule K was never processed. Since I received a schedule K for 2021 tax year, am I able to combine the 2020 and 2021 schedule K for my tax return for year 2021? If so, how do you enter this on Turbotax?

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1 Reply
ThomasM125
Expert Alumni

schedule K reporting and carry over

You cannot enter the 2020 K-1 schedule amounts on your 2021 tax return. You will need to amend your 2020 tax return to report the 2020 K-1 information.

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