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