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colesicecream
February 19, 2025
Question

How do I create a Schedule K1 for 2024

  • February 19, 2025
  • 1 reply
  • 0 views
How do i find the ordinary business income to put into my schedule k1

    1 reply

    PatriciaV
    PatriciaV
    Employee
    February 19, 2025

    Ordinary business income is reported on Line 1 of Schedule K-1, which is part of a business tax return. If you have an investment in a partnership or an S-Corp, they should send you a K-1 by mid-March. 

     

    If you need to file a business tax return for your own company, you will need purchase and install TurboTax Business. It's best if you have financial statements for the company before you start the business return.

     

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