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Schedule K-1 Tax Form Explained

Video Credit: TurboTax - Duration: 00:54s - Published
Schedule K-1 Tax Form Explained

Schedule K-1 Tax Form Explained

If you’re a member of a business partnership, S corporation, estate, trust, or LLC, you’ll likely receive a Schedule K-1 tax form.

Some brokerages may also send a Schedule K-1 for certain investments.

If you receive the K-1 tax form, you have to report it on your personal tax return.

This TurboTax Support video explains the purpose of the Schedule K-1 tax form and how to read and report your K-1 form information on your taxes.

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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





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