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July 14, 2020
Question

My new business filled out our K1, how do I include that in my personal info?

  • July 14, 2020
  • 1 reply
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I forgot to include information about my new business I am apart of with 4 partners. We filled out our K1 and submitted our 1065. Let me be clear, WE MADE ZERO DOLLARS. And since we did not make money, I think there is nothing to add but I could be very wrong. From my understanding I am supposed to include some info in my personal. I see that you can do a "amend (change) return" option. But from there I am unsure on what to do. Assistance please.

1 reply

DavidS127
July 14, 2020

You should have received a Schedule K-1 from the partnership for your share of the partnership income, loss, etc.  That Schedule K-1 would have been generated when the Form 1065 was prepared, and sent to you as a partner.

 

You enter that K-1 into your personal tax return in TurboTax in the section Federal>>Income>>Business Investment and Estate/Trust Income.

 

If you have not filed your tax return, you can add that K-1 before you file.  Click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to begin entry of the Schedule K-1 you received from your partnership.

 

If you have already filed your tax return, you can start an amended tax return in TurboTax, add the K-1 from your partnership, and see if it makes any difference in the tax due.  Don't add the K-1 until you have started the amended tax return; it is very important to preserve exactly what you originally filed before you start making changes.  Click this link for instructions on how to file an amended return with TurboTax.

 

 

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