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Returning Member
posted Apr 13, 2023 9:22:26 PM

Entering information from 1065 form, not matching questions being asked

Hello!

My small business has a relationship with another tax filing company, therefore, I already have a completed 1065 form (looks exactly like this form 2022 Form 1065 (irs.gov)). When I go through the steps in TT2022 for filing this K-1 (form 1065), I'm being asked questions that do not seem to match the boxes present. For instance, there are several percentages as the first question, followed later by some options reading as "Opening Capital Account", "Capital Contributed During 2022", etc. I am not seeing any boxes that match these.

 

Further, upon passing these questions, already with the question about Box 1 and total gains or losses, my physical 1065 document has boxes 1a-1c and overall income/loss doesn't come until box 22. Other questions allude to boxes 9a-9c, but my physical document only has a line item for 9 (no letters). Lots of other things aren't matching up. Am I trying to fill out the wrong thing?

 

Thank you and best,

 

Joey

0 2 732
2 Replies
Returning Member
Apr 13, 2023 9:29:30 PM

Another few notes:

  • TT2022 software asks for the code in my box 14. I have a line item 14, and it has no codes.
  • TT2022 asks if my box 16 is checked. Again, I have a line item 16 and it has no boxes to be checked (but it does have depreciation numbers!)

Expert Alumni
Apr 14, 2023 10:58:33 AM

You have mistakenly marked you received a Schedule K-1 from an S-Corp not a Partnership.  You need to delete the entry you have made and re-enter the Schedule K-1.

 

To do this in TurboTax CD/Download versions you can follow these steps:

  1. Sign in to your TurboTax
  2. Open or continue  your return
  3. Using the search bar, type K-1 and select the Jump to link in the search results
  4. This will take you to the Schedule K-1 and Schedule Q screen
    • Note: If the Jump to link doesn’t work, select Personal, then Personal Income
  5. Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
  6. Select Update next to Schedule K-1 under Business Investment and Estate/Trust Income
  7. Answer Yes and click Edit for S corporations (Form 1120S)
  8. Click Delete for the S-Corp Schedule K-1 entered in error and Yes to confirm
  9. Click Done to return to the Tell us about your Schedules K-1 screen
  10. Click Start for Partnerships/LLCs (Form 1065)
  11. We’ll ask some questions about your K-1, and then you’ll enter the data from the form

@joeymichaud