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New Member

Schedule K-1 entries?

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? 

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Accepted Solutions
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Level 14

Schedule K-1 entries?

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]

 

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4 Replies
Highlighted
Level 14

Schedule K-1 entries?

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]

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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Returning Member

Schedule K-1 entries?

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.

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New Member

Schedule K-1 entries?

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?

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Expert Alumni

Schedule K-1 entries?

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).