Schedule K-1 entries?

[rapidrobert20]

I have 2 Sch. K-1 with instructions for entries on Form 1040 (lines 8a & 9a), Sch. D (lines 5 & 12), and forms 6781 (line 1) 4952 (lines 1, 5, & 4a).  I cannot get Turbo Tax Premium to accept the entries per the instructions.  How can I get the program to accept the entries and adjust the tax calculation as appropriate? 

[IreneS · Accepted solution]

Just make the entries from the K-1 and TurboTax will flow the data to the appropriate section of your return.

Enter information for the Schedule K-1, following these steps:

1. Click on Federal > Wages & Income
2. In the S-Corps, Partnerships, and Trusts section click on the box next to Schedule K-1.  
3. Click Yes on the next screen, Did you receive any Schedules K-1?
4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity (partnership, S-corporation, or trust/estate) that issued the K-1.  
5. If you have already entered K-1 information, you will see a 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 | 4/15/2020 | 7:45am PDT]

[agarwal5111]

I have entered k-1 entries. During review I am asked to make entries for which I do not see information in Schedue K-1.

[kozowh]

I have entered Schedule K-1 (Form 1041) data into the K-1 part of TT but the interest and dividends don't show up in the appropriate sections under the 1099 INT and DIV sections.  Is this because it's from a K-1 and not a 1099 (kinda stupid question, I know) but since the K-1 income doesn't show up on the "Your 2019 Income Summary" page, where does it get reported?

[Irene2805]

Interest and dividends reported to you on a K-1 from a 1041 should flow to Schedule B and are included in the totals on line 4 (interest) and line 5 (ordinary dividends).

[Boris_]

Hi, 

I am very confused by a few TurboTax entries of K-1 Schedule (Form 1065):

1. On one of the worksheets "Sch K-1 Wks-Partnerships" (only visible in PDF forms), there seems to be an error on page 3: 

     "Passive Activity Adjustment to Income or Loss ' For Regular Tax Purposes" - Row #1 "Ordinary income (loss) pass through" => "Gain (loss) Limited by form 6198 if applicable"

      The first column seems intended to reflect gain(loss) for the current year, but somehow in my case it reflects the sum of this year and the carryover loss from last year, so then the last year loss is double-counted in the last column "Loss suspended for Current Year". How can I fix this?

2. One of my two K-1 documents has amounts on both boxes #1 ("Ordinary business income") and #2 ("Rental real estate income"). TurboTax requires me to split the K-1 entry into two separate entries, which is very confusing since I have no clue how to split all other columns, notes, etc. into two entries/activities and avoid double-counting? Why can't I (somehow) just enter it as one document (as it is)?

3. California K-1 schedule has box 20C, column D as "See attached", but no dollar amount in the box. The follow-up supplemental information has 

     "Line 20C - Column D Other information" - "Proportionate int. of aggregate gross receipts" = $16,983.

     In TurboTax, should I enter this number into the box on row 20C?

4. California K-1 schedule - in 2018 (last year), I had missed to properly enter the CA state K-1, but it was immaterial since I only had carryover loss. Do I apply the same (corrected) carryover loss to both "Regular Tax" and "AMT" columns?

5. Unrelated question - the 1099-B worksheet says (at the bottom):

     "Taxpayer must mail in a statement with more details?" => YES

     Is that statement filed by TurboTax automatically or I need to mail something?

Thank you,

-Boris