I purchased Turbotax Business desktop download. I sold partnership interest and received final K-1. How to enter it in Turbo Business Desktop download? Thank you.
How to enter Form K-1 with TurboTax CD/Download
If you haven't filed yet:
- Sign in to your TurboTax account
- Open or continue your return
- Using the search bar, type K-1 and select the Jump to link in the search results
- This will take you to the Schedule K-1 and Schedule Q screen
- Note: If the Jump to link doesn’t work Select the Personal tab, then Personal Income
- Select I’ll choose what I work onand continue until you reach the screen, Your 2021 Income Summary
- Select Start next to Schedule K-1under Business Investment and Estate/Trust Income
- Answer Yes and follow the prompts
- We’ll ask some questions about your K-1, and then you’ll enter the data from the form
I am using the Turbotax Business version download.
At the K-1 screen, I was not asked about disposition of the partnership interest.
Is there anything else I am missing. BTW, I already checked that this is the final K-1.
But no other information was asked on how to enter the sale proceed and purchase price and Recapture as ordinary income.
Can you advise on that? Thank you very much.
Are you using TurboTax Business or TurboTax Home & Business. They are not the same.
TurboTax Business is not for preparing your own tax return. It's for preparing the Form 1065 tax return that the partnership files. As part of the partnership's tax return, it creates a Schedule K-1 for each partner.
The Schedule K-1 that you received from the partnership has to be entered in your personal Form 1040 tax return. You cannot prepare your personal Form 1040 tax return with TurboTax Business. You have to use one of the personal versions of TurboTax: Basic, Deluxe, Premier, or Home & Business. To enter your Schedule K-1 in one of the personal download versions of TurboTax, follow the instructions that Bsch4477 posted above. For more information see the following FAQ.
IF you are completing an S-Corp return that itself got a K-1 form then there probably is not a place to directly enter the K-1 form as a whold in the program so you will need to make the entries separetly in the correlating sections. This is not common so if you are not sure of what you are doing then seek local professional assistance.