Please make sure you
use the right K-1 entry form. There are actually three types of K-1s,
depending on the type of entity creating the K-1: partnership, S-corporation
and trust/estate. Lines and codes on the forms differ from
each other.
To enter information
from Schedule K-1 (1065) you received, please follow these steps:
- Click on Federal Taxes >
Wages & Income [In TT Self-Employed: Personal >
Personal Income > I'll choose what I work on]. [See
Screenshot #1, below.]
- Under Other Business Situations,
click on the box next to Schedules K-1, Q.
- Click Yes on
the next screen, Schedules K-1 or Q.
- On the Tell Us About Your
Schedules K-1 screen. Click on the Start/Update box
next to Partnerships/LLCs (Form 1065). [Screenshot #2]
- 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).
[Screenshot #3]
- If you haven't started
entering K-1 information, continue through the screens, entering the
requested information.
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