Q:

What is a K-1 tax form?

A:

Quick Answer

The K-1 Form is provided to beneficiaries of a business partnership or trust fund to show the amount of income from that source to report on their taxes, according to TurboTax. These are schedules that taxpayers must submit along with their 1040 tax returns.

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Full Answer

K-1 forms are used differently by S corporations, trust and estate funds and business partnerships, as stated by TurboTax. For instance, a person with a share in a trust fund who receives a K-1 form must pay taxes on the interest money earned from that fund. Businesses and other entities can download and print out the K-1 Form from the Internal Revenue Service, as stated by the IRS.

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