Manual K-1 completion

[Richyrich2]

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.

[tagteam]

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.

[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 

[Richyrich2]

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?

[tagteam]

@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.

[Richyrich2]

Thanks for all your effort and testing. Were you using TurboTax Business for 2019?

I don't get the same result with TT 2019. Once I enter the distribution amounts under the "distribution" tab, TT 2019  automatically calculates the distribution percentage and applied them to all the deductions. And when I try to make changes in the K-1 form view, it won't let me. Perhaps as Intuit finalizes its 2019 version this issue will be fixed. Also I could not find a way to separate dividend distributions from other income types as you appear to be doing in your test. Thanks again for you time.

[tagteam]

@Richyrich2 Yes, I am using TurboTax Business for 2019 and did so for the tests.

Note that, for the purposes of my test, I did not enter income other than dividend income (i.e., that was the only class of income I entered). Therefore, dividend distributions were not separated from other classes of income as they were the only class distributed.

Also note that the program is not entirely complete at this point in time. Even when fully functional, you might find it necessary to override certain elements in Forms Mode as the program has some "hard defaults". Doing so will preclude e-filing (you need to print and mail) but there are no other options in order to get certain results.