The best solution is to upgrade TurboTax Premier. The TurboTax Premier K-1 section will report K-1 income in the proper section.
It depends on whether the K-1 is from a Form 1041, 1065, or a Form 1120S.
The K-1 is from form 1065. I do have the Home and Business version so I think I have the correct version, or at least a version "better" than premier. There is no option for this the amount on line 10 to be transferred to a form 4797 and thus appear on my 1040.
Line 10 for a 1065 Schedule K-1 is for Section 1231 Gains. After you enter the amount in the TurboTax K-1 section, switch to Forms mode and look on line 2 of Part I of Form 4797. There should be an entry for "From K-1"
Thanks for your response. This amount is not showing up on Form 4797, line 2 which is what I would have expected. I did enter all of the information correctly from the 1065 K-1 form. Any other thoughts?
If this was a loss and you did not indicate that you are a material participant, the loss would be treated as a passive loss that is (suspended on Form 8582) not deductible on your return. In this situation Form 4797 is not generated. If you are not a material participant, this is likely the issue. If you are material, the box may not have been checked.
Thank you again. The material participant box is checked. Still unsure as to why this wouldn't be populating. I do understand that it would be a passive loss if not checked. Just frustrated as to why this is not populating. Again, thanks for your help.