Manual K-1 completion

Forum|Forum|6 years ago
December 13, 2019
6 replies
93 views

I have a situation where automatic completion of K-1s do not allocate income and deductions appropriately. TurboTax blocks attempts to change numbers in the form view of K-1.

How do I manually complete a K-1 in TurboTax? TaxSlayer seems to have that capability.

TurboTax Business Windows

Anonymous_

Level 15

Your profile indicates you are using TurboTax Business (at least your post is tagged that way) and, as far as I have been able to determine, TaxSlayer does not offer a product that can produce an income tax return for a business entity (e.g., corporation, partnership, estate/trust, etc.).

Regardless, you can override virtually all of the lines in almost any form in Forms Mode, but doing so generally precludes you from e-filing your return (i.e., you need to print and mail the return).

If you could provide more details concerning exactly what you are trying to accomplish, however, that would be extremely useful.

Richyrich2Author

Level 2

I'm working on an estate return where I was unable to transfer beneficiary 1's share of stocks the same time as the other beneficiaries so dividends accumulated in the estate disproportionately. When I specified the distribution of income to beneficiary 1 that was higher than the other beneficiaries, TurboTax used that income distribution ratio to impute capital loss to each beneficiary on the K-1 which should be equally distributed among all beneficiaries. When I tried to change the capital loss value in the K-1 forms TurboTax wouldn't allow it. How can I fix this?

Anonymous_

Level 15

@Richyrich2 Could you provide an example (hypothetical) with actual numbers, as well as the type of income, that might replicate those you entered?

I did a test return and the loss distribution figures were equal across 3 beneficiaries despite the fact that I distributed more dividend income to Beneficiary 1. Of course, I indicated the return was final in order to distribute the loss.

Anonymous

why not contact customer service. haven't worked with TT business but every other software that I worked with (more than 12) that did business returns had a way to specially allocate items on a 1065 and still allow e-filing