The K-1 is an animal. It's the tax form that reports the earnings, losses, dividends and more in pass-through businesses like S Corporations and partnerships. A large portion of ER Docs receives K-1 income – either issuing their own via S Corp, receiving one as a partner in a small or large group, or even as an investor in a limited partnership venture. In any case, the form itself is highly confusing, not in the least bit cut and dry, and overall not something to be taken for granted.

That's why in this episode, we get into the nitty gritty of what K-1 income is, the different ways to handle and report it, of course, ways to reduce your taxable income when receiving it, and some landmines to watch out for.