#Good news! The IRS has extended the tax deadline to April 18th! As long as you submit your federal return by midnight on 4/18/2018, you won't be considered a late filer for your federal return. Direct debit tax payments that are submitted with your federal return (or on the IRS website) by 4/18 are also considered timely filed ×

Schedule K-1 Forms

This page has been updated for 2018 taxes and may not apply to previous years.

You may receive a Schedule K-1 if you are a partner or shareholder of a business that passes income, losses, deductions, and credits on to individual partners or shareholders. The partnership itself typically doesn’t pay income tax on the shareholders’ behalf, instead the profits and losses get passed through to the individual partners. This is called pass-through income.

Go to this section in Credit Karma Tax: Partnership Schedule K-1 Income

A Schedule K-1 is prepared and given to each member of a partnership or shareholder of an S corp showing their individual share of the profits and losses. Partnerships and S Corps are required to provide each partner or shareholder a copy of their Schedule K-1 by the 15th day of the third month after the end of their tax year, which may be different from the calendar year depending on the accounting method they use. If you are expecting a Schedule K-1 and have not received one, you should check with your partnership or S corp to see if and when they will issue a Schedule K-1.
Source: irs.gov and Tax Calendars

Credit Karma Tax currently only supports Schedule K-1 Partner’s or Shareholder’s Share of Income, Deductions, Credits, etc. You will not be able to file with Credit Karma Tax if you have a Schedule K-1 Form 1041 from an estate or trust. You can see a list of all the forms and schedules we do support here.

If you have more questions about your Schedule K-1, you can review the IRS instructions for each form:

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