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Awesome! Yes, please report back! I'm ready to make the switch if necessary!
Schedule K-1 is a federal tax document used to report income from pass-through entities including partnerships, S corporations, estates, trusts, and LLCs.
Your Schedule K-1 may not arrive until March, April, or even later. This is because the pass-through entity needs to complete their tax return before they can distribute K-1s. The K-1s for Trusts/Estate are ready now. The K-1's for Partnerships and Shareholders are scheduled for 2/21/24.
Here's more info on Entering Form K-1 in TurboTax.
@Jeff-klemens
This reply can only be taken as intentional misdirection from an apparent "expert" (suggesting that she is an employee of Intuit and should at least know better) identified as @MarilynG1
"Schedule K-1 is a federal tax document used to report income from pass-through entities including partnerships, S corporations, estates, trusts, and LLCs.
Your Schedule K-1 may not arrive until March, April, or even later. This is because the pass-through entity needs to complete their tax return before they can distribute K-1s. The K-1s for Trusts/Estate are ready now. The K-1's for Partnerships and Shareholders are scheduled for 2/21/24.
Here's more info on Entering Form K-1 in TurboTax."
The problem has NOTHING to do with when I receive a K-1 from someone else. The problem is that TurboTax does not allow me to enter information from a K-1 that I have already received. It is not credible that supposed expert @MarilynG1 would not understand the problem and instead frame it as a something related to delays in receiving a K-1.
Intuit is clearly in denial over their defective performance and is rolling out people to spout off whatever nonsense they can to deflect attention from the clear fact that their software does not allow customers to enter into TurboTax K-1 information they have received.
Exactly!! no way an “expert” should be that incompetent and not understand the issue. We all have received our schedule K-1s. The problem is we are trying to input it on our PERSONAL taxes and we are not able to do that because the section to enter K-1s on PERSONAL taxes says it’s unavailable!
Come on!! DO BETTER!!
@MarilynG1
I have the K-1, I submitted by business return and handed the K-1 to myself. TurboTax will not let me enter any info from it.
It is now 2-15-24. The K-1 form still cannot be added to Turbo Tax. When will this form be ready so I can complete my taxes? All it ever says is available soon. What is the hold up!
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Just registering my growing frustration with Intuit for not having this section updated by 2/14 as promised and making us wait in the dark another week when in all likelihood the deadline will just be pushed out another week, and so on. The question is, after being a decades long Turbotax customer, should I take the time to redo this year's taxes in H&R Block online? Has anyone tried that and is schedule K-1 available there?
Hey Intuit, we are all expecting significant refunds, we have received our K-1's, and we need to file ASAP! How can we be assured that Intuit isn't going to just keep pushing the deadline out week by week? If it won't necessarily be done/available by 2/14 or now 2/21 then don't say it will so we can make informed decisions like filing incomplete returns now and amending later (or changing tax software). It's the middle of tax season and there's no excuse for this section not being complete when all the forms have been available on IRS.gov for weeks now if not longer.
Uh, looks like Schedule K-1 (and form 1120s) are available on H&R Block online returns, so at this point I'm importing last year's Turbotax return and starting over...
You have let us down Intuit, but we have options.
I just redid my taxes on h and r block, no issues at all regarding k-1 input. Really sucks to have to switch companies, but I hate having taxes hanging over my head. Done and dusted in 20 minutes.... Schedule SE, c and K-1s plus child, a few dollars more than TurboTax but done.
Can you say more about your H&R Block experience? Did you use an online version or buy desktop software? If desktop, which version did you purchase?
TT has screwed up the K-1 / K-3 1065 for 3 years in a row now. They are late, they do not fix bugs, they are non-responsive.
After following this thread, and watching 2/14 come and go, after 15 years I switched to H&R block. I did the downloaded version, Deluxe, and the K-1 worked perfect. A little less pretty than Turbotax, but very user friendly and thorough. Sorry TurboTax, but you have failed me this year.
As painful as it was, I downloaded and paid the $75.00 plus tax for the H&R Block Premier desktop app for Mac which is supposed to include the State (more on that later). Apart from me spending about 4 hours re-creating my return in the H&R Block app, the H&R Block app was fully able to accept the income/loss data from Schedules K-1/Form 1065 etc.
I just filed my return with both the IRS and Ohio. Coming from TurboTax, a few notes about the process:
After the refund, the total (with tax) for federal and state software and e-filing will be $101.36.
Clearly a cost savings over TurboTax Premier which they billed me back in November for $112.09 (which I believe was without the state e-file).
So now I will have to request a refund from Intuit for their defective product that wasted three weeks of my time and several hours of extra work and aggravation.
Would you post and let everyone know if you were able to get a refund from TT?
I'm also waiting on the form to be updated.
Thanks
It took 45 minutes (probably the first 25 minutes on hold) but they sent me an email confirming they would refund the $112.09 I paid last year AND cancel the auto-renew subscription they call "TurboTax Advantage." It will probably take a week or two before the credit shows up, but at least I did not have to "escalate" the dispute to a manager. So I have an email confirming pending refund and cancelled subscription. In addition, Intuit is kind enough to grant permission that I took them up on: "This call may be recorded."
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