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Slow450
New Member

Do you have instructions for the downloaded premier version of turbotax? Example: How do I enter data for Schedule K-1 (form 1065) from a foregin source?

It looks to me like you have instructions for the online version.  But not the downloaded version, is that correct?  Are the screens the same in both versions?

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IreneS
Intuit Alumni

Do you have instructions for the downloaded premier version of turbotax? Example: How do I enter data for Schedule K-1 (form 1065) from a foregin source?

If the partnership has a foreign address, you may use your own address for data entry on Schedule K-1.  The most important items on the K-1 are the EIN and name of the business. The K-1 general information is not filed with your tax return; and the values from the K-1 flow to Schedule E and other respective forms.  It is not a problem to enter another address. 

 

To enter information from Schedule K-1 (1065) in the CD/Download versions of TurboTax, please follow these steps:

 

 

  1. Click on Federal Taxes > Wages & Income 
  2. Under Business Items, click on the box next to Schedules K-1, Q.
  3. Click Yes on the next screen, Schedules K-1 or Q.  
  4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to Partnerships/LLCs (Form 1065).
  5. If you have already entered K-1 information, you will see the Partnership/LLC K-1 Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).  
  6. If you haven't yet started entering K-1 information, continue through the screens, entering the requested information.

 

[Edited | 3/26/2020 |  8:40 am PDT]

 

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1 Reply
IreneS
Intuit Alumni

Do you have instructions for the downloaded premier version of turbotax? Example: How do I enter data for Schedule K-1 (form 1065) from a foregin source?

If the partnership has a foreign address, you may use your own address for data entry on Schedule K-1.  The most important items on the K-1 are the EIN and name of the business. The K-1 general information is not filed with your tax return; and the values from the K-1 flow to Schedule E and other respective forms.  It is not a problem to enter another address. 

 

To enter information from Schedule K-1 (1065) in the CD/Download versions of TurboTax, please follow these steps:

 

 

  1. Click on Federal Taxes > Wages & Income 
  2. Under Business Items, click on the box next to Schedules K-1, Q.
  3. Click Yes on the next screen, Schedules K-1 or Q.  
  4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to Partnerships/LLCs (Form 1065).
  5. If you have already entered K-1 information, you will see the Partnership/LLC K-1 Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).  
  6. If you haven't yet started entering K-1 information, continue through the screens, entering the requested information.

 

[Edited | 3/26/2020 |  8:40 am PDT]

 

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