To enter a Schedule K-1
Click on Federal
Click on Wages & Income
Scroll down to S-corps, Partnerships, and Trusts
On Schedule K-1, Q, click on the start or revisit button
I’m not a business and filing my individual tax return. Does the instruction still apply?
@mctaxnei wrote:
I’m not a business and filing my individual tax return. Does the instruction still apply?
Yes. That is the section of the program to enter a Schedule K-1 from a Partnership (Form 1065), an S Corporation (Form 1120S) or from an Estate or Trust (Form 1041)
bad news. Turbotax can not handle excess business interest expense line 13K. certain rules apply that include filing form 8990 which Turbotax doesn't support.
I see it as an option on the dropdown for Box 13 items with the premium version. I didn’t finish entering the rest of the information.
Does that mean it will not process when I file? If so, what are my option. I’m trying to avoid preparing my return just for it to not efile the proper forms.
Because you have excess business interest expense from a partnership, you are required to file Form 8990 with your return. TurboTax does not support this form, so you will need to complete the form manually, then print and mail your entire return. See this IRS link for instructions for completing Form 8990. TurboTax will provide instructions for mailing your return when you finish.