Schedule K-1s are a federal tax document used to report income from pass-through entities including partnerships, S corporations, estates, trusts and LLCs.
Here’s a few things you need to know:
The Schedule K-1 is slightly different depending on whether it comes from a trust, partnership or S corporation. For more info, read What is a Schedule K-1 Tax Form?
K-1s are typically issued by pass-through entities (partnerships, S corporations, estates, trusts, and LLCs) who don't pay income tax on the profits and losses passed through to their partners, owners, shareholders, or beneficiaries
Recipients report the K-1 on their own personal tax returns
Note: Your Schedule K-1 may not arrive until March, April, or even later. This is because the pass-through entity needs to complete their tax return before they can distribute K-1s.
Choose a section from the TurboTax menu and select Pick up where you left off
Using the search bar, type K-1 and select the Jump to link from the search results
Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income (Income & Expenses for TurboTax Self Employed)
Select Revisit or Start next to Schedule K-1
Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
Note: You may be prompted to upgrade to Premier, if you're not already using it
This will take you to the Schedules K-1 or Q screen
We’ll ask some questions about your K-1, and then you’ll enter the data from the form
If you already filed your return
If your e-filed return was already accepted or you already mailed your return in, you'll need to amend to add the K-1 to your tax return.