A schedule K-1 reports income from pass-through entities — which are partnerships, S corporations, estates, trusts, and LLCs.
So if you’re a member of any of these, you’ll probably get a K-1.
Some brokerages may also send one for certain investments.
If you get a K-1, you have to report it on your personal tax return.
Keep in mind, you might not get yours until March or April — or even later.
Because the entity has to complete their returns before distributing any K-1s.
If you haven’t filed, you can easily enter your K-1 in TurboTax.
Search for K-1, select the link, and answer the questions.
If you’ve already filed, you’ll need to amend your return to add the K-1.
For more answers to your questions, visit TurboTax.com/support