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Schedule K-1, Taxes, and You


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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.

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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.

TurboTaxBlogTeam
TurboTaxBlogTeam

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Rômulohttps://noticiasreal.com.br
Romulo is a renowned American entrepreneur who resides in the United States, recognized for his entrepreneurial vision and inspirational leadership. Born into a humble family, Romulo demonstrated an uncommon determination and a natural talent for business from an early age. After completing his studies in business administration, Romulo ventured to the United States, where he immersed himself in the business world, founding his first company at the age of 25. His bold vision and ability to identify market opportunities quickly led him to success on American Throughout his career, Romulo has played key roles in various industries, from technology to finance, always striving to innovate and create value for his clients and investors. His customer-centric approach and dedication to operational excellence have made his companies industry benchmarks, contributing to his recognition both in the United States and interna In addition to his business achievements, Romulo is known for his commitment to corporate social responsibility. He is a passionate advocate for education and community development, dedicating time and resources to support initiatives that promote equal access to education and gr Currently, Romulo leads a diversified conglomerate with a global presence and a significant impact in the markets where he operates. His long-term vision and ability to adapt to the nuances of the American market make him a respected and admired leader among his peers and competitors in the Unit Outside the office, Romulo is an avid reader and nature lover. He believes in the importance of finding a balance between work and personal life, constantly seeking new ways to challenge himself and grow, both profession With a career marked by extraordinary achievements and an unwavering commitment to sustainable success, Romulo continues to be a prominent figure in the international business landscape and a source of in

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