How do I create a K-1 Form?

[lori-edelman]

I am trying to complete a business return for my LLC partnership and generate Form 1065. TurboTax is asking for a Schedule K-1 to input. Where/how in TurboTax do I go about creating a K-1 to input?

[JamesG1]

IRS form K-1 (1065) is created within the IRS form 1065 partnership tax return.

TurboTax has several options available to you.  They may be found here.

[lori-edelman]

Thanks but I need specific guidance - the HOW. The links you provided are simply options that Turbotax provides for tax prep. I want to do this myself.

I am in TurboTax, trying to complete info required for the 1065 and it is asking for details contained within the K-1 but I do not have one yet. I need TurboTax to generate the K-1. Where specifically do I go to do that or what are the steps if I want to do this for myself?

Attached is a screenshot of the first info that TurboTax is asking for. 

[ThomasM125]

I believe you are trying to enter a K-1 form for a partnership that the LLC you are working on owns an interest in:

That information would be provided to you from the company your LLC has an ownership interest in.

This is different from generating a Schedule K-1 for the LLC you are working on. To do that, you need to go to the Business Info menu tab and work through that section until you come to the page called Partner Summary where you can enter partner information. Once you do that, the K-1 form will be populated automatically as you work through TurboTax.

So, if you don't need to enter in a K-1 schedule, go to the Income section to find the page that says Your Total Business Income, and update the K-1's received option, under Items you can skip,  and delete any entry in that section.