Question

Do I need a schedule K1 for a business that had no profit or loss?

Forum|Forum|4 years ago
January 23, 2022
2 replies
0 views

I am filing under my personal taxes and will turbotax auto populate a K1 if I need it? Thank you.

TurboTax Live Self Employed

Employee

What do you mean auto populate it? If you get a K-1 you have to manually enter it into your personal return. Ask the business if you will be getting a K-1. If are asking about your own self employment business you do not issue a K-1 for that. You just fill out Schedule C in your personal return.

H

HelenC12

If you entered a K-1 on your 2020 personal income tax return, some of the information will carryover into your 2021 K-1. However, if you have a business that files form 1065, 1120S or 1120, then your business would generate and issue you a K-1 if the company had income, expenses or losses. You would then enter that information on the K-1 entry screens.

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