Tax season is here and every season we see questions about how to enter a Schedule K-1 in TurboTax, as well as what happens if you don’t receive your Schedule K-1 until after the tax deadline. If you have questions about what a Schedule K-1 is, please check out our tax article here. And if this reminds you that you need to complete your taxes, click here to get started.
Q: What is a Schedule K-1 and What’s New?
A: Schedule K-1s are issued by partnerships, S corporations, estates, trusts and LLCs to their owners, shareholders, partners, and beneficiaries so the latter parties can report their share of income, deductions, and credits on their personal tax returns.
The difference between receiving your W-2 and your Schedule K-1 used to be that you may receive your K-1 long after your tax return is due, but now starting with the 2017 tax season you may see your K-1 sooner thanks to new due date legislation as part of the Surface Transportation and Veterans Health Choice Improvement Act of 2015. The new due date legislation requires partnerships returns reporting K-1 tax information to be filed earlier, by March 15 instead of April 15.
The new law may allow you to have the information you need to file your taxes on time instead of having to wait for your K-1 information or having to estimate, extend, or amend your tax return.
Do you receive a K-1? You can use TurboTax Premier to enter your information from your K-1. TurboTax will help you easily file your K-1 income, deductions, and credits.
Learn more about the ins and outs of a Schedule K-1 at the TurboTax AnswerXchange and discover more answers to trending questions from TurboTax support experts and customers like you. If you have more questions, you can also connect live via one-on-one video to a TurboTax Expert and Credentialed CPAs or Enrolled Agents to get your tax questions answered.