Schedule K

[Miss VP]

I almost finished by 2022 1040 and just received a letter from the IRS asking for a Schedule K for 2021. Does this form have anything to do with my having an S corp? My personal income tax income were individual contracts for service. No taxes were taken out.

[VincentL12345]

While Schedule K is found on page 4 of Form 1065 and is essentially a summary schedule of all the partners' shares of the partnership's income, credits, deductions, and more. Schedule K-1, on the other hand, shows each partner's separate share. A copy of each partner's Schedule K-1 needs to be submitted with Form 1065.

[Katherine S 63]

Great questions!!!

Yes it does sound like they are asking for you K1 which is created and then added to your individual tax return in the Wages and Income section. 

The Schedule K-1 is the form that reports the amounts that are passed through to each party that has an interest in an entity, such as a business partnership or an S corporation. The parties use the information on the K-1 to prepare their separate tax returns. 

This link explains it more.

https://turbotax.intuit.com/tax-tips/small-business-taxes/what-is-a-schedule-k-1-tax-form/L95lj0sJq

If you have a K1 from 2021, it would be best to amend you 2021 tax return (go to Tax Home, scroll down to the 2021 return and click Amend, amend using Turbo Tax).

If you have any other questions while amending, please click the LIVE HELP button in the software.

If you purchased Audit defense in 2021, you can contact audit defense and they will help you with this notice.

TaxResources Tax Audit Defense Customer Service Department at 877-829-9695 or intuit.audit.sales@taxaudit.com

I sure hope this has been helpful.

If you reply back, I will try to keep an eye open to assist further.

Please give me a thumbs up if this was helpful.

Katie S.