Hi....I am a 50% owner of a rental property (in another state) that has filed it's K-1 and has no tax owed. I completed the information that I thought would be included in my schedule E in Turbo Tax but when I get to the e-filing and review the forms being submitted, I do not see schedule E as one of them. Did I do something worng or do you not need to include schedule E if no tax is due? Thanks!
If you entered the K-1 in TurboTax, it should appear on page 2 of Schedule E.
The K-1 was not filed by Turbo Tax but was filed by an accountant. However, there is no profit from the property due to depreciation.
Did you enter the K-1 in the proper section of the program?
Which lines, if any, were populated on the K-1?
But did you enter the K-1 into your tax return?
To enter a K-1 go to
Federal Taxes Tab or Personal (Home & Business version)
Wages and Income
Scroll down to S-corps, Partnerships, and Trusts or to Business items
Schedules K-1, Q - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
Enter each k-1 separately.
ps....you don't enter K-1s you get for IRA, 401K or retirement accounts.
Ahhhhh.....there you go, I had not put in K-1 info and when I did that, schedule E is there now.....THANK YOU!!!!!!!!!!