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drk88
Returning Member

How to create a new K-1 (Form 1041) for PTP income?

I received a K-1 (Form 1041) as the beneficiary of an estate. The K-1 has figures in Box 1, 2a, 2b, 5, and 14. One of the codes in Box 14 is I (as in India), and directs me to the accompanying statement. The statement contains section 199A info, with six partnerships and EINs and the PTP box is checked for all entities. Additionally, the statement shows qualified PTP income for each entity and REIT dividends. Where/how does the PTP income get entered into TurboTax Premier? I tried entering a separate K-1 (Form 1041) for each entity, but there is nowhere to enter the income or "check the PTP box on the K-1" as the "We see you have Section 199A income" screen suggests. I tried to ignore the message and click through, but during the error check before filing TurboTax wants me to include more details about the PTP, which I'm unable to do.

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2 Replies

How to create a new K-1 (Form 1041) for PTP income?

After you have entered the K-1:

 

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drk88
Returning Member

How to create a new K-1 (Form 1041) for PTP income?

Thank you. I've done this, but I'm confused about the directions below that PTP check box. How do I "create another K-1" and "check the PTP box" and "enter the items of income"? I'm not given these options when opening another K-1 (Form 1041) - I simply end up at the same screen that you included in the screen shot. I don't see a place to include the PTP name, EIN, income, etc.

 

 

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