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jweber321
New Member

I am trying to enter a K-1 which has been supplied on Form 1065-B. However, Turbotax appears to only support standard form 1065. Has anyone else run into this problem?

 
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IreneS
Intuit Alumni

I am trying to enter a K-1 which has been supplied on Form 1065-B. However, Turbotax appears to only support standard form 1065. Has anyone else run into this problem?

Form 1065-B is the return an electing large partnership files to report their income, gains, losses, deductions, etc.

Unfortunately, Schedule K-1 from Form 1065-B is not entered under the K-1 section of TurboTax.

Instead, each box on the K-1 is reported in the section of your return to which it applies. For instance, Box 5 (AMT Adjustment) is used to prepare Form 6251 Alternative Minimum Tax.

For guidance on where to report the activity from this K-1, refer to the instructions that came with the form. Or download another PDF copy here: Partner's Instructions for Schedule K-1 (Form 1065-B)

If you need additional help, let us know what boxes contain figures.


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3 Replies
DianeW
Expert Alumni

I am trying to enter a K-1 which has been supplied on Form 1065-B. However, Turbotax appears to only support standard form 1065. Has anyone else run into this problem?

If you would comment on the boxes that are filled in we can better assist you with the entry of the information.
IreneS
Intuit Alumni

I am trying to enter a K-1 which has been supplied on Form 1065-B. However, Turbotax appears to only support standard form 1065. Has anyone else run into this problem?

Form 1065-B is the return an electing large partnership files to report their income, gains, losses, deductions, etc.

Unfortunately, Schedule K-1 from Form 1065-B is not entered under the K-1 section of TurboTax.

Instead, each box on the K-1 is reported in the section of your return to which it applies. For instance, Box 5 (AMT Adjustment) is used to prepare Form 6251 Alternative Minimum Tax.

For guidance on where to report the activity from this K-1, refer to the instructions that came with the form. Or download another PDF copy here: Partner's Instructions for Schedule K-1 (Form 1065-B)

If you need additional help, let us know what boxes contain figures.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
randomlongid
Level 2

I am trying to enter a K-1 which has been supplied on Form 1065-B. However, Turbotax appears to only support standard form 1065. Has anyone else run into this problem?

I have this same question.  My form 1065-B only has amounts in box 3 "Qualified dividends and box 4b "Net capital gain (loss) from other activities" (the amount is a loss).  There's also foreign tax credit info in box 9 K2-8 but the Total foreign taxes paid in K8(A) is only $3.

The instructions say the Box 3 Qualified Dividends amount is reported on Form 1040 lines 9a&b.  Should I enter that in the TurboTax Schedule B "Dividend Income Smart Worksheet" or should I create a dummy 1099-DIV for this in TurboTax?

The instructions say the Box 4b "Net capital gain (loss) from other activities" amount should be entered on Schedule D line 12.  That line is "Net long-term gain or loss ... from Schedule(s) K-1", but TurboTax will not let me enter a value directly on that line.  What do I do?  Do I need to create some other K-1 in TurboTax?  If so, how do the lines from Form 1065 map to Form 1065-B?

Hoping for help here... I wish TurboTax handled this.  BTW, I have TurboTax Home & Business.
Thanks...

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