Can i use deluxe if i have to file a k1 form

[pollykjm]

if i already have the deluxe can i upgrade to premier when i am ready to file my taxes

[pollykjm]

i have the deluxe cd. i need to file a k1 with my taxes. when i am ready to file my taxes can i use the deluxe and upgrade to premier from the program

[DoninGA]

If you are using the desktop CD/Download editions and not the online editions, then any of the desktop editions can be used for a Schedule K-1.

[DoninGA]

Using the online editions of TurboTax you will need to upgrade to either the Premier or Self-Employed editions to enter a Schedule K-1.  The Deluxe edition does not support a Schedule K-1.

[mmitsch]

Hi,

Do you know if  the CD version of TurboTax for 2021 will also allow me to file k-1's?  It did for 2020.

Thanks!

[VolvoGirl]

Yes.   All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.  So you can  enter K-1 into any Desktop CD or download version.   

Or are you asking about preparing K-1 to give out?

[Munzer1]

Turbo Tax 2021 Delux desktop version is not processing K-1, and not populating schedule E, for real estate depreciation (should have been on line 18) and therefore no data about depreciation on form 1040 either. Any idea why?

[Mike9241]

a k-1 real estate loss (line 2 or income on that line) does not go on page 1 of schedule e. it goes on page 2 to the extent allowed.  Depreciation, except for section 754 depreciation would be included on line 2 of the k-1 and is not separately reported. You are likely subject to the passive activity rules which means that the line 2 amount would flow first to form 8582 to calculate any allowed portion.  any allowed portion flows to schedule 1 line 5   

[BP84]

What software is needed when you have K-1 income on your 1040?

[VolvoGirl]

For the Online web version you need Premier or the Self Employed version to enter a K-1.

But you can buy any of the Desktop CD/Download programs.  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. 

[DoninGA]

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@BP84  wrote:

What software is needed when you have K-1 income on your 1040?

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If you are using the TurboTax online editions you will need either the Premier or Self-Employed edition to enter a Schedule K-1

If you are using the TurboTax desktop CD/Download editions, all of the desktop editions support a Schedule K-1.