K-1's (for Beginners!)

If you're the beneficiary of a trust or an estate, a partner in a partnership, or a shareholder in a S-Corporation, you're probably gotten one of these forms and wondered what is is and how it affects your taxes. This very introductory video goes over what K-1's are, the three types of K-1's and how they differ, where the numbers on the Schedule come from, and where those figures go on your tax return. Additional videos are forthcoming on pass-thru entities and their associated K-1's in more detail. 0:00 Introduction 0:37 Pass-thru entities and K-1's 2:50 Where the numbers come from on your K-1 4:18 Reporting the figures from the K-1 on your tax return 6:10 Conclusion To learn more about types of business organization, click here: https://youtu.be/UCsCIxyElcE For more information on S-Corporations, click here: https://youtu.be/AxdwLVc3z6I Additional Resources and Information: IRS Schedules K-1: For estates and trusts: https://www.irs.gov/pub/irs-pdf/f1041sk1.pdf For partnerships: https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf For S-Corporations: https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf Instructions for Schedules K-1: For estates and trusts: https://www.irs.gov/pub/irs-pdf/i1041sk1.pdf For partnerships: https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf For S-Corporations: https://www.irs.gov/pub/irs-pdf/i1120ssk.pdf IRS Form 1041: "U. S. Income Tax Return for Estates and Trusts": https://www.irs.gov/pub/irs-pdf/f1041.pdf IRS Form 1065: "U.S. Return of Partnership Income": https://www.irs.gov/pub/irs-pdf/f1065.pdf IRS Form 1120-S: "U.S. Income Tax Return for an S-Corporation": https://www.irs.gov/pub/irs-pdf/f1120s.pdf Investopedia: "Schedule K-1 Tax Federal Tax Form: What it is": https://www.investopedia.com/terms/s/schedule-k-1.asp The Tax Geek on The Site Formerly Known as Twitter: www.twitter.com@taxgeekusa The Tax Geek on Reddit: www.reddit.com/r/askataxgeek Image/Video Sources: Storyblocks.com Pexels.com *No artificial intelligence was used to research, write, animate, voice, or edit this video* Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Creator Music Outro Music: "Modern Attempt" - Track Tribe under license from YouTube Creator Music DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.