Received a K-1 (1065) what do I do. and what form does info go on and what line for income??

[sgzito]

need help on partnership income and form E

[IreneS · Accepted solution]

UPDATED FOR TAX YEAR 2019

Just enter the K-1 information as it appears on the form you received.  TurboTax will flow the information to the proper places.

Please make sure you use the right K-1 entry form. There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate.  Lines and codes on the forms differ from each other.

To enter information from Schedule K-1 (1065), please follow these steps:

1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on].  
2. Under Other Business Situations, click on the box next to Schedules K-1, Q.
3. Click Yes on the next screen, Schedules K-1 or Q.  
4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to Partnerships/LLCs (Form 1065). 
5. If you have already entered K-1 information, you will see the Partnership/LLC K-1 Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).  
6. If you haven't started entering K-1 information, continue through the screens, entering the requested information.

[Edited | 3/31/2020 |  1:23pm PDT]