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Investor_
Returning Member

How to input K-1 Box 11, Code I information

I have a K-1 that lists a number in Box 11, Code I.  When I input that into TurboTax, it says that this information may need to be input elsewhere in my return.  My K-1 says that 1040 filers should enter the number for Box 11, Code I on Schedule D, line 5, column H.  But if I enter than manually, or add it to the number already calculated by TurboTax, the only way I know how do to that is with an override, which TurboTax treats as an error, and says I can't file electronically.  How do I input this number without using an override?   (I have the same question for other numbers on the K-1s that TT says need to be entered elsewhere in my return). 

5 Replies
tagteam
Level 15

How to input K-1 Box 11, Code I information

You should see the following screen after you select Code I for Line 11.

 

Untitled.png

 

 

Other information may have to be entered in Forms Mode (not available in the online versions of TurboTax) on the Schedule K-1 Partnership Additional Information worksheet.

Investor_
Returning Member

How to input K-1 Box 11, Code I information

When I input the information from K-1 Box 11 Code A, and Code 11, into TT, it automatically input that information into a form labeled Schedule K-1 Partnership Additional Information.    However, when I right-click on the number that has been input into that schedule, and click on "About Other Inc. Code xxx", it takes me to a screen that reads as follows:

"Line 5 - Other portfolio income (loss)
Any other portfolio income (loss) should be entered on line 5 AND entered on the form or schedule indicated by the instructions to the K-1."

 

So TT is telling me that the Partnership Additional Information Sheet is for my information only, and I still need to manually input the relevant numbers into the schedule indicated in my K-1.  How do I do that without an override?  

 

tagteam
Level 15

How to input K-1 Box 11, Code I information


@Investor_ wrote:

So TT is telling me that the Partnership Additional Information Sheet is for my information only, and I still need to manually input the relevant numbers into the schedule indicated in my K-1.  How do I do that without an override?  


You can input information into the Schedule K-1 Partnership Additional Information worksheet without an override, but there may be instances where an override is required on other forms or schedules. In those instances, the Accuracy Guarantee would be void.

Investor_
Returning Member

How to input K-1 Box 11, Code I information

Not only will using the override void the accuracy guarantee, it will prevent me from filing electronically.  Since both TT and my K-1 are saying that I must input certain information directly into the relevant schedule in my 1040, and the Additional Partnership Information Schedule seems to be only for information and does not input data into the return, this looks like a serious omission in TT--it requires me to do something but it treats this as an error or worse if I do it.  Is there no way to create a new schedule where I can input this information and have TT add it to the correct schedule?  

Mike9241
Level 15

How to input K-1 Box 11, Code I information

what version of Turbotax - online or desktop

When I input the information from K-1 Box 11 Code A, and Code 11

 

in the step-by-step mode, you use the drop-down box for code A and enter the amount for line 11 (eleven)

there is no I1 so you enter code I and the amount

you are taken to the next screen where you must choose a box(es)  for the type(s) of 11A items (based on the info provided by the k-1) then there's an automatic dropdown section to enter added info and or amount

the amounts entered for all boxes must total the same as shown at the top - what you entered in the k-1 for line 11A

next, they'll be another screen for box 11 code I1. again boxes must be checked. if it's "I have another description item" - this box will not carry anywhere so you must determine the form it goes on based on what info is provided by the k1 you got

say it's other income 

in step-by step mode there is a section under "wages and income" tab then the section  "your 2020 income summary" - less common income

use the line "Miscellaneous Income" and click on the update link

i would use the line "other reportable income" click on start then yes

then enter a description and the amount for what's on the k1 on line 11 code I1 

this should appear on schedule 1 line 8

 

 

It's impractical for Turbotax to provide a line for every possible item that's on line 11 code I. pro software may but you haven't paid the $000's that pro software can cost.  

 

 

 

 

 

 

 

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