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randomlongid
Level 2

Does TurboTax support Schedule K-1 Form 1065-B for an "electing large partnership"? Can I use the regular K-1? How do the lines from Form 1065 map to Form 1065-B?

My form 1065-B only has amounts in box 3 "Qualified dividends and box 4b "Net capital gain (loss) from other activities" (the amount is a loss).  There's also foreign tax credit info in box 9 K2-8 but the Total foreign taxes paid in K8(A) is only $3.

The instructions say the Box 3 Qualified Dividends amount is reported on Form 1040 lines 9a&b.  Should I enter that in the TurboTax Schedule B "Dividend Income Smart Worksheet" or should I create a dummy 1099-DIV for this in TurboTax?

The instructions say the Box 4b "Net capital gain (loss) from other activities" amount should be entered on Schedule D line 12.  That line is "Net long-term gain or loss ... from Schedule(s) K-1", but TurboTax will not let me enter a value directly on that line.  What do I do?  Do I need to create some other K-1 in TurboTax?  If so, how do the lines from Form 1065 map to Form 1065-B?

Hoping for help here... I wish TurboTax handled this.  BTW, I have TurboTax Home & Business.
Thanks...


1 Best answer

Accepted Solutions
IreneS
Intuit Alumni

Does TurboTax support Schedule K-1 Form 1065-B for an "electing large partnership"? Can I use the regular K-1? How do the lines from Form 1065 map to Form 1065-B?

 

Form 1065-B is the return an electing large partnership files to report their income, gains, losses, deductions, etc.  Unfortunately, Schedule K-1 from Form 1065-B is not entered under the K-1 section of TurboTax.  Instead, each box on the K-1 is reported in the section of your return to which it applies.

 

The easiest way to make your entries is to enter them on a regular partnership K-1:

  • Qualified dividends are entered on line 6b.  If you are not given a separate amount for ordinary dividends, enter the same amount on line 6a as your qualified dividends.
  • Net long term capital gain (loss) is entered on line 9a of the K-1.
  • Foreign taxes paid are reported on line 16 with code L.

 

To enter information on a regular partnership Schedule K-1 (1065) in TurboTax Home & Business, 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 | 4/8/2020 |  11:30am PDT]

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1 Reply
IreneS
Intuit Alumni

Does TurboTax support Schedule K-1 Form 1065-B for an "electing large partnership"? Can I use the regular K-1? How do the lines from Form 1065 map to Form 1065-B?

 

Form 1065-B is the return an electing large partnership files to report their income, gains, losses, deductions, etc.  Unfortunately, Schedule K-1 from Form 1065-B is not entered under the K-1 section of TurboTax.  Instead, each box on the K-1 is reported in the section of your return to which it applies.

 

The easiest way to make your entries is to enter them on a regular partnership K-1:

  • Qualified dividends are entered on line 6b.  If you are not given a separate amount for ordinary dividends, enter the same amount on line 6a as your qualified dividends.
  • Net long term capital gain (loss) is entered on line 9a of the K-1.
  • Foreign taxes paid are reported on line 16 with code L.

 

To enter information on a regular partnership Schedule K-1 (1065) in TurboTax Home & Business, 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 | 4/8/2020 |  11:30am 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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