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Level 3

Does TT Deluxe handle Partnership Schedule K-1? It doesn't handle SEP contributions or Schedule SE, despite having a section to deal with K1 in the interview

I'm using the CD version, where Deluxe is supposed to handle K-1. However, when I enter my SEP retirement contribution, it doesn't show up anywhere, and I would also expect my income to be entered in 1040 Schedule SE for self-employment income.

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Level 20

Does TT Deluxe handle Partnership Schedule K-1? It doesn't handle SEP contributions or Schedule SE, despite having a section to deal with K1 in the interview

The Deluxe desktop edition supports Schedule K-1, Schedule C and Schedule SE and self-employed retirement contributions to a solo 401(k), SEP, SIMPLE, Keogh or Roth 401(k).  You need to enter self-employment income before being able to enter a self-employed retirement plan.  Schedule SE is completed by the program after entry of the self-employed income and expenses if there is a net profit.  The Deluxe desktop software will recommend that you upgrade to the Home & Business edition when entering self-employment.  This is a recommendation only, Not a requirement.

To enter a Schedule K-1 -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
  • On Schedule K-1, Q, click on the start or update button

Or enter k-1 in the Search/Find box located in the upper right of the program screen.  Click on Jump to k-1

To enter self-employment income and expenses - 

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
  • On Business Income and Expenses (Sch C), click on the start or update button

Or enter schedule c in the Search/Find box located in the upper right of the program screen.  Click on Jump to schedule c

To enter a solo 401(k), SEP, SIMPLE, Keogh or Roth 401(k) -

Enter self-employed retirement in the Search/Find box located in the upper right of the program screen.  Click on Jump to self-employed retirement

1 Reply
Level 20

Does TT Deluxe handle Partnership Schedule K-1? It doesn't handle SEP contributions or Schedule SE, despite having a section to deal with K1 in the interview

The Deluxe desktop edition supports Schedule K-1, Schedule C and Schedule SE and self-employed retirement contributions to a solo 401(k), SEP, SIMPLE, Keogh or Roth 401(k).  You need to enter self-employment income before being able to enter a self-employed retirement plan.  Schedule SE is completed by the program after entry of the self-employed income and expenses if there is a net profit.  The Deluxe desktop software will recommend that you upgrade to the Home & Business edition when entering self-employment.  This is a recommendation only, Not a requirement.

To enter a Schedule K-1 -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
  • On Schedule K-1, Q, click on the start or update button

Or enter k-1 in the Search/Find box located in the upper right of the program screen.  Click on Jump to k-1

To enter self-employment income and expenses - 

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
  • On Business Income and Expenses (Sch C), click on the start or update button

Or enter schedule c in the Search/Find box located in the upper right of the program screen.  Click on Jump to schedule c

To enter a solo 401(k), SEP, SIMPLE, Keogh or Roth 401(k) -

Enter self-employed retirement in the Search/Find box located in the upper right of the program screen.  Click on Jump to self-employed retirement