TurboTax K-1 doesn't match 2022 IRS K-1 form download.

[erlwebmail]

I am issuing K-1's to our investors, using the IRS 2022 form download. However, the TurboTax K-1 information input items don't align with the IRS form. Specifically,  Box 5 is "Other portfolio and non-business income" on the IRS form, but TurboTax calls line 5 "Interest Income." The amount more properly goes into Box 7, "Royalties," in TurboTax.

Box 14, "Other Information," is "E - Net Investment Income" on the IRS form, but TurboTax gives a choice of "A-Self-employed," "B-Farming or Fishing Income," or "C-Gross Non-farm income". Again, mis-alignment. Can the TurboTax guys & gals please fix this?

[PatriciaV]

Please clarify which version of TurboTax you are using. Are you preparing a company tax return or are you entering Schedule K-1 information into your personal return? What type of entity?

[erlwebmail]

I'm preparing a Trust K-1 using the downloaded IRS form, using numbers generated from  filling out an IRS Form 1041. I'm then entering the resulting K-1 into our personal TurboTax Deluxe return.

[JulieS]

There are three types of Schedule K-1 and you are trying to enter a 1041 Schedule K-1 into a 1065 Schedule K-1 based on the entries that you say don't match. 

To correct this you need to delete what you have entered so far and then start over in the correct form. To delete your K-1:

1. Open your return, scroll down to Tax Tools on the bottom of the left side menu.
2. Select Tools.
3. Click on Delete a form (third on the list at the bottom of the screen).
4. Find Sch K-1 Wks-Partnerships on the list of forms.
5. Click Delete to the right.
6. Confirm your Delete.
7. Click Continue in the lower right. 
8. Click Continue with my return.

Next, enter the correct type of Schedule K-1:

1. Under  Wages & Income, find Schedule K-1.
2. Click Edit/ Add to the right.
3. Answer the first question Yes.
4. Click Start to the right of the third option, Estates or trusts (Form 1041). 
5. Continue to report your Schedule K-1. 

[erlwebmail · Accepted solution]

I'm using the PC version, not the on-line version, so there's no left-side menu, and the "Tools" drop-down entry in the black "banner" at the top does not contain a "Delete a form" option.

However, I went into the "Tell Us About Your Schedules K-1" page, where I had used the "Partnerships/LLCs (Form 1065)" button instead of the "Estates or Trusts" button. I deleted the partnership version in the "Partnerships..." section and went into the "Estates or Trusts" path, and sure enough, there was the form, filled in with last year's Trust info. Thanks for your help!