turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the Refund! >> Event happening NOW!!!!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Help with a K-1?

We received a small amount of money from a cousin's trust.  We were not expecting it, and filed our taxes in January.  In late March, we received two forms: a California Schedule K-1, and a Schedule K-1 (Form 1041) showing a Net capital gain of $1133.  We live in Washington State.   

 

Now we need to file a 1040-X and put in the Net capital gain somewhere in there.  I don't know where to put it, and also I'm wondering if we need to pay taxes in California as well.  For the past month we've been trying to find an accountant to help, and for whatever reasons we have had zero luck with that...

 

I'm wondering if anyone here can help us!  I am more than happy to pay for your time.  I am not an accountant, but I do have a business and use QuickBooks for the business side.

 

Thank you so much in advance for any help!!!

 

 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

7 Replies
VictoriaD75
Expert Alumni

Help with a K-1?

Did you file your original return in TurboTax? If so, follow the instructions below to amend. If not, you will need to return to your original preparer. You cannot amend a return in TurboTax that was not filed originally through the software. 

 

Should you have to amend, follow the steps below:

  1. Log into your TurboTax account
  2. Choose the tax year that you wish to amend
  3. Click Amend
  4. Make any necessary changes

Keep in mind that when you are amending, the refund tracker monitors the difference from your original filing to the amended return. It does not include any original refund or balance due. If you are claiming any previously unclaimed income, you may see the difference as an additional balance due. 

 

To add the K-1 income onto your return, follow these steps:

  • From the Federal menu, click on Wages & Income
  • Expand the menu for S-corps, Partnerships, and Trusts
  • Click Start/Revisit next to Schedule K-1
  • Click Add a K-1 if you already have one reported and would like to include additional

If the income from the K-1 was earned in California, you will be required to complete a nonresident California return. You can Add a State in TurboTax after entering the K-1 in the Federal section on the amendment. Be sure to indicate that the K-1 was the only CA sourced income.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Help with a K-1?

Thank you so much!!  I'll give this a try.

Help with a K-1?

Darn.  I filed using the software.  It looks like there is no option to Amend because the online version doesn't have a copy of my returns submitted with the software...  I don't see an option to Amend with the software...

Help with a K-1?

You can amend in the Desktop program.  In fact if you need to amend a prior year return (done online or Desktop) you have to use the Desktop program.

 

How to amend in the Desktop program 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-amend-my-2019-return-in-the-turbotax-cd-d... 

 

 

Help with a K-1?

Also,  First you need to update your return with the filing status so it knows it was filed and accepted.  For the Desktop program you have to check the filing status inside the program. 

 

Open your return and go up to menu item

File > Electronic Filing > Check Electronic Filing Status

Then save your return and close and reopen it.  

 

You can also find Amend under

Federal Taxes or Personal (for Home & Business)

Other Tax Situations

Help with a K-1?

OK - got it - I'm working on the amended version now.  Fingers crossed this will work!  Thank you so much - if this works it will save me so much time....

Help with a K-1?

It worked!!!!!

 

I am so grateful for your time and expertise.  Thank you, thank you, thank you!

 

Johnny

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies