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How does income reported on a Schedule K-1 differ from a Form 1099?

April 26, 2017differ form income K-1 reported schedule

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How does income reported on a Schedule K-1 differ from a Form 1099?

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The Schedule K-1 reports each investor’s allocated share of the partnership’s taxable income and other reportable items. Form 1099 is generally used by banks and brokerage firms to report dividend and interest income and gross proceeds on the sale of securities.