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Do I need to add my partnership's K1 or do I use the "Self-employment income and expenses" option?

Forum|Forum|7 years ago
June 5, 2019
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In this IRS document https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf I read, "Do not file it with your tax return unless you are specifically required to do so" regarding the K-1. It's on the first page of the document under "General Instructions."

Do I not need to add this K-1 to my return? Do I just use Self-employment income and expenses?

TurboTax Self Employed Online

Best answer by AnnetteB6

You do need to add the K-1 to your return. Doing so will allow TurboTax to take the entries from the K-1 and put them in the right places on your return to report your income and deductions from the K-1.

When you read the instructions that say, "Do not file it with your tax return..." it is referring to actually attaching the paper copy of your K-1 to your Federal return and mailing it with your other tax forms if you were filing by mail.

A

AnnetteB6Answer

You do need to add the K-1 to your return. Doing so will allow TurboTax to take the entries from the K-1 and put them in the right places on your return to report your income and deductions from the K-1.

When you read the instructions that say, "Do not file it with your tax return..." it is referring to actually attaching the paper copy of your K-1 to your Federal return and mailing it with your other tax forms if you were filing by mail.

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