Tax Year Prior to 2020: Do I need TurboTax Premier to file Schedule K-1 Form 1065?

[edwsurewin]

Or Deluxe is covering that form? I'm using the download version purchased from Amazon.

[IreneS]

Yes - You need to use the Premier version of TurboTax to enter a Schedule K-1 in TurboTax.

Please make sure you use the right K-1 entry form. There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate.  Lines and codes on the forms differ from each other.

 To enter information from a Schedule K-1, please follow these steps:

1. Click on Federal Taxes > Wages & Income > I'll choose what I work on.
2. In TurboTax CD/Download:  Go to Business Investment and Estate/Trust Income, click on the Start/Update box next to Schedule K-1.   In TurboTax Online:  In the S-corps, Partnerships, and Trusts section click the Start/Update box next to Schedule K-1. 
3. Click Yes on the next screen, Schedules K-1 or Q.  
4. On the Tell Us About Your Schedules K-1 screen.  Click the Start/Update box next to the type of entity that issued the K-1 (S-Corps, Partnerships, Trust/Estate).
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 | 3/10/2020 |  10:38am PDT]

[sswred]

if it is from an IRA account it does not have to entered; usually does not have your ssno?

[sswred]

If a K1 schedule form 1065 does not have to have premier why did turbo tax force me to it??

[IreneS]

If you're using TurboTax Online, you do need Premier.  But for the CD/Download version, you can use Deluxe.

[MrJohn]

Looks to be the same for TY 2019.  

I wish K-1 were also included with online TurboTax Deluxe. 

[wfg999]

Turbo Tax does not allow entry of a K-1 which has box 1 & 2 activity. It appears you need to separate the activity and then enter as two distinct documents.  Most people will not know how to separate the appropriate income and expenses, this clearly causes extra work and confusion., Is there a solution for this delima?

[okboy]

I have a similar issue.  I have entries in boxes 1,3,10,14A, 14C, 19A, 20A, 20Z, and 20AH where the letters are codes.  The 20Z and 20AH have supplemental pages with several numbers on them.  I am at a total loss, even if I separate boxes 1 and 3 into separate K-1s.  Any help is appreciated.

[wolftree7]

Are you using the downloaded deluxe version for ty 2019?

[okboy]

I am using the premier edition of Turbotax

[wfg999]

Downloaded premier version

[wfg999]

Yes.............

[VictorW9]

You can enter a K-1 into the Online Premier Version (and the Self Employed version) or any of the Desktop CD/Download programs including Basic and Deluxe.

[Sandy Springs]

Why on earth is the desktop  Deluxe different from the online Deluxe? It's insane that they are not identical. 

[BigIronPgmr]

I am using TurboTax Premier (the CD/DVD version).

You say to use "I'll explore on my own" but I have already finished the first 7 (of 9) sections of "Guide Me".  Can I just use the "Schedules K-1 and Q" in the 8th section of "Guide Me".

This is for a "Disclaimer Trust" created (by me and my Lawyer/CPA) when my wife died. The trust is listed as an option in both of our wills. I am both the Trustee and Current Beneficiary, but the ultimate beneficiaries (when I die) are our 3 children.

Thanks.