Do I need to report to IRS the K-1 I received that is $0, no income or losses & no amounts in Part III? Turbo Tax requires a $60 upgrade to record! Thanks, Dot

j1mmvp · ‎June 1, 2019

MinhT · ‎June 1, 2019

If your K-1 has no amounts in it, you do not need to enter it on your tax return.

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j1mmvp · ‎June 1, 2019

Thank you. I noticed you are a Tax Adviser with Turbo Tax, is there a way to record it without upgrading to the more expensive version?

MinhT · ‎June 1, 2019

If you want to enter it, you would need to upgrade to TurboTax Premier as the K-1 is reported on Schedule E which is not supported by a lower version of TurboTax. In your case, there is no need to upgrade as you have no need to enter it.

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j1mmvp · ‎June 1, 2019

Thank you, I really appreciate your help!

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Do I need to report to IRS the K-1 I received that is $0, no income or losses & no amounts in Part III? Turbo Tax requires a $60 upgrade to record! Thanks, Dot