About Schedule K-1s
Schedule K-1s are tax forms that are provided to taxpayers by pass-through entities such as trusts, s-corps, and partnerships. These forms indicate a taxpayer's share of income, deductions, and credits that get passed though the entity. Schedule K-1 is provided so that a taxpayer can report these amounts on his or her individual tax returns.
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- When do I send the set of Schedules K-1 to my shareholders, partners, or beneficiaries?
- How do I print the Schedules K-1 that I need to send to partners or shareholders?
- Can I print a cover letter to send with each Schedule K-1?
- I just printed Schedules K-1 as part of my tax return. Why do I need to print another set?
- Can I print mailing labels to use when I send Schedules K to the partners?
When do I send the set of Schedules K-1 to my shareholders, partners, or beneficiaries?
You must send the Schedules K-1 on or before the due date of your corporate, partnership, trust or estate return. However, we recommend that you send them as soon as your corporate, partnership, estate or trust return is complete. Remember, your shareholders, partners or beneficiaries must have their Schedules K-1 before they can complete their own individual returns.
How do I print the Schedules K-1 that I need to send to partners or shareholders?
- Open the tax return in TurboTax Business.
- Select the Print and File tab at the top of the TurboTax screen.
- Select Distribute K-1s below the row of tabs, then select Print K-1s.
- Follow the instruction on the screen.
Can I print a cover letter to send with each Schedule K-1?
Yes. When you print a copy of your tax return for your records, we also print a recipient letter for you to provide to each of your shareholders, partners or beneficiaries.
I just printed Schedules K-1 as part of my tax return--why do I need to print another set?
The second set of Schedules K-1 is for you to send to your shareholders, partners or beneficiaries.
You must include the Schedule K-1 copies when you mail your return to the IRS. Do NOT send these copies to your shareholders, partners or beneficiaries-send them the second set.
Can I print mailing labels to use when I send Schedules K to the partners?
No. You can't print mailing labels in TurboTax. However, Microsoft Word has a function that allows you to print labels.
For more information, go to the Microsoft Word Help Tool and search for mailing label.
