Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Mar 22, 2024 11:53:47 AM

As beneficiary on a trust (received a Schedule K-1, Form 1041), can I report that information on the Home and Business online version or do I need to buy the disc?

0 4 1939
1 Best answer
Level 15
Mar 22, 2024 12:50:18 PM


@iiisee wrote:

Yes, but I typically use the online version of Home and Business - and would like to this year. Previous comments on this  forum suggest all disc versions allow input of K-1, Form 1041 info and but not all online versions do. 


Only the Premium online edition supports entry of a Schedule K-1

 

Online 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

4 Replies
Level 15
Mar 22, 2024 12:02:05 PM

all desktop versions handle k-1s

Level 2
Mar 22, 2024 12:48:01 PM

Yes, but I typically use the online version of Home and Business - and would like to this year. Previous comments on this  forum suggest all disc versions allow input of K-1, Form 1041 info and but not all online versions do. 

Level 15
Mar 22, 2024 12:50:18 PM


@iiisee wrote:

Yes, but I typically use the online version of Home and Business - and would like to this year. Previous comments on this  forum suggest all disc versions allow input of K-1, Form 1041 info and but not all online versions do. 


Only the Premium online edition supports entry of a Schedule K-1

 

Online 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

Level 2
Mar 24, 2024 7:44:13 AM

Thank you for this useful guidance!