Question

How do I enter partnership income if I did not yet receive a K-1?

Forum|Forum|5 years ago
April 19, 2021
1 reply
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TurboTax Premier Online

S

SweetieJean

Employee

You have to wait for the K-1.

T

tjcascio1Author

Hmmm, I won’t receive the K-1 until July. Don’t I have to pay an estimate of the tax on that income, and file for an extension? How do I do that in Turbo? Thanks!

Rick19744

Employee

If you will not receive your K-1 until July, then you will need to extend your personal tax return.

In order to determine if you need to make a tax payment with your extension, you will need to "estimate" what you believe the income or loss will be from the K-1, enter that estimate into TT and see what the result is.

Just keep in mind, that when you actually receive the K-1, make sure any estimated numbers you entered into TT for the estimate are either deleted or corrected to reflect the actual figure on the K-1.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.