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Returning Member
posted Apr 9, 2024 1:56:38 PM

K-1 Boxes in Turobo Tax don't match

I have a K-1 where the boxes don't line up. Boxes 1-3 are fine, but Box 4a on my K-1 is "Guaranteed payments for services", Box 4b is "Guaranteed payments for capital" and Box 4c is "Total guaranteed payments" Box 5 on my K-1 is "Interest income". However, Turbo Tax K-1 entry screen has ZERO mention of " Guaranteed payments" at all. In Turbo Tax, Box 4 is "Interest income". All of my imported data are off by 1-3 boxes creating multiple, cascading errors.

 

When will this be fixed?

0 1 1919
1 Replies
Expert Alumni
Apr 14, 2024 11:31:07 AM

At the screen Tell us about your Schedules K-1, make sure that you selected the correct K-1 option.

 

An IRS Schedule K-1 with guaranteed payments would be Partnerships/LLCs (Form 1065).