If you have a business do you have to turn or use the K1 on your personal taxes?

Question

If you have a business do you have to turn or use the K1 on your personal taxes?

Answer 1

If you are a sole proprietorship, a K-1 isn't used.  If your business is a partnership or an S- or C-corp, K-1's are needed.

Answer 2

Actually you report the income from your k-1 on schedule e of your 1040

Answer 3

You include the income on the schedule k-1 in your 1040.  You do not attach a copy to your return (the IRS will get their copy when the 1120S or 1065 is submitted).