I completed my taxes using the online version of Turbo Tax. The taxes have been completed and accepted. I am the executor of my mom's estate. I just received a 1041 k-1 from her accountant that I need to add to my tax return. However, it appears the k-1 form is not supported by the standard version of Turbo Tax and I need to purchase a CD version of Turbo Tax to submit this form. If I buy the CD will the amended return be part of my normal online return. The K-1 has a 20,000 loss so I'd like to get that incorporated into the return. I'm just confused on how to proceed and how it will work in the future. Will I always need to buy the CD version from this point forward. Thanks for any guidance.
@blforaker When you start to amend the 2024 online tax return, you need to enter the Schedule K-1. The program will ask you to upgrade to the Premium edition.
To enter a Schedule K-1
Click on Federal
Click on Wages & Income
Scroll down to S-corps, Partnerships, and Trusts
On Schedule K-1, Q, click on the start or revisit button
You can use the online editions to amend the 2024 return. You would have to upgrade to the Premium online edition which supports entry of a Schedule K-1. For the upgrade you only pay the difference in price from the online edition you used for the original return and the Premium edition.
Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.
See this TurboTax support FAQ for amending a current year tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk
Thank you. How do I upgrade to premium. I didn't see that option.
also I just checked my membership it actually says I'm premium already but It said it didn't have the k-1 form
@blforaker When you start to amend the 2024 online tax return, you need to enter the Schedule K-1. The program will ask you to upgrade to the Premium edition.
To enter a Schedule K-1
Click on Federal
Click on Wages & Income
Scroll down to S-corps, Partnerships, and Trusts
On Schedule K-1, Q, click on the start or revisit button