Report K-1 income on Form 1040 refers to the income that is reported on Schedule K-1, which is a tax form used to report the income, deductions, and credits of partnerships, S corporations, estates, and trusts.

When a taxpayer receives a Schedule K-1, they need to report the income and other tax-related information listed on the form on their individual tax return, which is Form 1040. The income reported on the Schedule K-1 is typically passed through to the taxpayer from the…