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Returning Member
posted Mar 2, 2025 10:19:44 PM

743b reporting

How do I get Turbotax Business to make entries in Schedule k-1 lines 13 and 20?

 

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1 Replies
Expert Alumni
Mar 3, 2025 2:02:16 PM

Yes, you can enter Box 13 and Box 20 for Schedule K-1 using Forms Mode.

  1. Click the Forms icon in the TurboTax header.
  2. Look for "Form 1065 p5-6" in the left column. Click the form name to open it in the large window. 
  3. Scroll down to Line 13.
  4. Find the code you need to use or choose a code from the drop-down under Type beneath Line O.
  5. Enter the amount in the related box.
  6. Scroll down to Line 20.
  7. Find the code you need to use or choose a code from the drop-down under "I" beneath Line E.
  8. Enter the amount to be allocated.
  9. Now open a Schedule K-1 [name of partner].
  10. Scroll down below Line 23 to the Supplemental Information Smart Worksheet. Enter "Line 20 (plus code letter)" and a description. Then enter the amount allocated to this partner. (TurboTax does not calculate this for you.)
  11. Repeat Step 5 & 6 for each partner. Leave all forms open until you review the results.
  12. To see Schedule K-1 and the attachment, print preview the form (in the menu bar, click File >> Print (Schedule K-1 will appear) >> Print Preview). Additional information will appear on a separate sheet after Schedule K-1, with the entry you made.
  13. When you're finished, click "Step-by-Step" in the header to return to the interview.