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Returning Member
posted Feb 1, 2022 3:35:36 PM

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 Replies
Expert Alumni
Feb 1, 2022 4:05:36 PM

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.