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recollin
New Member

Can I enter K1 information on the 1040 form already filed with turbo tax preimer or do I need to purchase turbo business?

I understand I need turbo business to file the 1041, that I can purchase but I have already filed all my personal income and received refund. Will filing a separate 1041 be a problem?

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1 Reply
EricG1
New Member

Can I enter K1 information on the 1040 form already filed with turbo tax preimer or do I need to purchase turbo business?

TurboTax Premier can handle the K-1 information.

To enter information from Schedule K-1, please follow these steps:

  1. Click on Federal Taxes > Wages & Income [In TT Self-Employed Personal > Personal Income > I'll choose what I work on].  [See Screenshot #1, below.]
  2. Under Business Investment and Estate/Trust Income, click on the box next to Schedule K-1.
  3. Click Yes on the next screen, Schedules K-1 or Q.  [Screenshot #2]
  4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to Partnerships/LLCs (Form 1065).  [Screenshot #3]
  5. If you have already entered K-1 information, you will see a Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).  [Screenshot #4]
  6. If you haven't started entering K-1 information, continue through the screens, entering the requested information.

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