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:
Click on Federal Taxes > Wages & Income > I'll choose what I work on.
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.
Click Yes on the next screen, Schedules K-1 or Q.
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).
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).
If you haven't started entering K-1 information, continue through the screens, entering the requested information.
[Edited | 3/10/2020 | 10:38am PDT]
if it is from an IRA account it does not have to entered; usually does not have your ssno?
If a K1 schedule form 1065 does not have to have premier why did turbo tax force me to it??
If you're using TurboTax Online, you do need Premier. But for the CD/Download version, you can use Deluxe.
Looks to be the same for TY 2019.
I wish K-1 were also included with online TurboTax Deluxe.
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?
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.
Are you using the downloaded deluxe version for ty 2019?
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.
Why on earth is the desktop Deluxe different from the online Deluxe? It's insane that they are not identical.
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.
Yes, you can continue to use the "Guide Me" interview to enter your Schedule K-1.
I have a question about TurboTax for 2020.
If I started on the TurboTax free basic version and found I will a K1 for USO and USL (Partnership Types) in March, can I somehow finish with TurboTax fee basic without the K1's? I bought into these with TDAmeritrade and they're already on that statement.
If I do have to upgrade inside the basic version, will I have to go to the Premier version or will it handle these with Deluxe?
Is it still true in the 2020 version that if I buy the disc version at a retail store that the Deluxe level will handle this?
If I upgrade from free TurboTax basic to Deluxe it says it would be $30 but does not include State. Does this mean that State is still free until 2/15 or will I aslo have to pay for this as well in some way (i.e. - for the electronic filing and / or software upgrade for state).
If I do have to upgrade, and get the retail version, can I download the work I have already done online to preserve all the work in basic and load it into the retail version?
Let me know and thanks!
What did you have to do for this? I am in the same boat. I should have done better research that USO was a partnership. If you upgraded, what version did you go to and did it handle everything properly for you?
The United States tax code allows certain types of entities to utilize pass-through taxation. This effectively shifts the income tax liability from the entity earning the income to those who have a beneficial interest in it. The Schedule K-1 is the form that reports the amounts that are passed through to each party that has an interest in the entity.
This TurboTax Online comparison shows that Premier and Self-Employed will support Schedule K-1 entry. Scroll down the left side to view Schedule K-1 support. You should be able to upgrade in the software.
Does Turbo Tax plan on fixing this? So that the online Deluxe version supports Schedule K1s? And if not, why not?
It is not broken. TurboTax has different versions of TurboTax to accommodate different types of tax information.
Please use this link to see the different versions of TurboTax
@yukinon Fixing what? In the Online version you need to upgrade to Premier or the Self Employed version to enter K-1 and investments.
You can use a lower version in the Desktop program. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. We can tell you how to switch to Desktop.
Or There is also The Turbo Tax Free File program which is free for federal and state. And has more forms than the Federal Free Edition, like Schedules A, B, C , D, E, F, EIC, H, K-1, SE, etc.
To qualify for the Free File website you just need to meet one of these 3 things.
AGI $39,000 or less.
Active duty military with AGI of $72,000 or less
OR qualify for EIC (earned income credit.)
In order to use the Free File program, you have to start it at a special website. Click on Sign in at the top right. It may let you continue your return so you don't have to start over.
How do you enter k-1 through the desktop Deluxe version? I don't see a place for it.
TurboTax Deluxe does not support K-1 entry. You need the Premier or Home & Business version.
Yes the Desktop Deluxe should have s K-1. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.
To enter a K-1 go to
Federal Taxes Tab or Personal (Home & Business version)
Wages and Income
Then scroll way down 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