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Where do I enter a Schedule K-1 that I received?

SOLVEDby TurboTax7933Updated 37 minutes ago

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.

If you haven't filed yet

  1. Sign in to your TurboTax account
  2. Open or continue  your return
    • Choose a section from the TurboTax menu and select Pick up where you left off 
  3. 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
  4. 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
  5. This will take you to the Schedules K-1 or Q screen
  6. 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.

If you haven't filed yet

  1. Sign in to your TurboTax account
  2. Open or continue  your return
  3. Using the search bar, type K-1 and select the Jump to link in the search results
  4. This will take you to the Schedule K-1 and Schedule Q screen
    • Note: If the Jump to link doesn’t work Select the Personal tab, then Personal Income 
  5. Select I’ll choose what I work on and continue until you reach the screen, Your 2021 Income Summary
  6.  Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
  7. Answer Yes and follow the prompts
  8. 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.

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