Business Income Schedule K-1, Taxes, and You Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxBlogTeam Published Mar 31, 2023 - [Updated Apr 5, 2023] 1 min read Reviewed by Katharina Reekmans, Enrolled Agent 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? 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 is the timing in which you receive them. Legislation requires partnership returns reporting K-1 tax information to be filed by March 15. 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 to their recipients. With NEW TurboTax Live Full Service Business, we enable the small business owner to be paired with a dedicated tax expert specializing in small business taxes to handle Partnerships (1065), S-corp (1120-S), and multi-member LLCs. Get matched with a dedicated small business tax expert, enjoy unlimited year-round advice and answers at no extra cost, and be confident that our small business tax experts will help you find every tax deduction and credit your business deserves. Get started now Previous Post Self-Employed? Quarterly Tax Date Deadlines Next Post How to File Small Business Taxes Written by TurboTaxBlogTeam More from TurboTaxBlogTeam 2 responses to “Schedule K-1, Taxes, and You” I am applying for a refi and need to fill out a K1 form but cannot find such a form on my turbotax. How would I download this from turbotax? Reply Can I use turbotax deluxe edition if I have a K-1 form from an inheritance Reply Leave a Reply Cancel reply Browse Related Articles Income and Investments Schedule K-1 Tax Forms Basics (What Are They & When… Taxes 101 What is a Schedule K-1 Form? Self-Employed How to File Self-Employment Taxes (Understanding the Fo… Business Income What Tax Forms to File as a First-Time Business Owner Self-Employed How to Report Self-Employment Income When You Have Mult… Self-Employed 1099-K Form Reporting Threshold Delay Announced 401K, IRA, Stocks I Started a 401K This Year. What Do I Need to Know When… Self-Employed 1099-MISC, 1099-NEC, or 1099-K: What’s the Difference… Business How to File Small Business Taxes Life TurboTax is Ready To Help Filers For Tax Year 2022
I am applying for a refi and need to fill out a K1 form but cannot find such a form on my turbotax. How would I download this from turbotax? Reply