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

[DavidS127]

Yes, you can continue to use the "Guide Me" interview to enter your Schedule K-1.

[mmitsch]

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!

[dinkelma]

@mmitsch

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?

[JamesG1]

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.

[yukinon]

Does Turbo Tax plan on fixing this?  So that the online Deluxe version supports Schedule K1s?  And if not, why not?

[Cynthiad66]

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

TurboTax Comparison of Version

[VolvoGirl]

@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.

https://freefile.intuit.com/

[bostonfern]

How do you enter k-1 through the desktop Deluxe version?  I don't see a place for it.

[AliciaP1]

TurboTax Deluxe does not support K-1 entry.  You need the Premier or Home & Business version.

@bostonfern

[VolvoGirl]

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

[Munzer1]

I already entered form 1065 in Turbo Tax (TT) 2021 Delux desktop version. But TT is not processing K-1, and not populating schedule E, for real estate depreciation (should have been on line 18) and therefore no data about depreciation on form 1040 either. Any idea why?

[Critter-3]

@Munzer1 

You are incorrect ... the K-1 info goes only on page 2 of the Sch E ... page 1 is not needed at all.   Please review the entire return for the depreciation deduction pass thru if allowed ... start with the form 4562. 

[alkibby76]

I have been using TurboTax Premier version to enter the operating expenses for my K1 for the past 10 years.  In 2021, the partnership ended and I have to enter the sales price and the cost basis for the business.   I signed up for the full service and talked to a TB accountant who informed me that the TB program can not handle such complex situations.  I was advised to find a local certified CPA who can handle this.   This doesn't sound right - can I get another opinion?

[tagteam]

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@alkibby76 wrote:

This doesn't sound right - can I get another opinion?

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No, it does not sound right. I would suggest trying to contact a different Expert at TurboTax.

[cbeyers316]

I have Premier Desktop but K1 oon my desktop does not have Statement A and Statement C pages. How do I get those so I can enter data. I get Error when I try to Error check without those