To enter information from Schedule K-1 (1065) in
the CD/Download versions of TurboTax, please follow these steps:
- Click on Federal Taxes >
Wages & Income [See Screenshot #1, below.]
- Under Business Items, click
on the box next to Schedules K-1, Q.
- Click Yes on
the next screen, Schedules K-1 or Q.
- On the Tell Us About Your
Schedules K-1 screen. Click on the Start/Update box
next to Partnerships/LLCs (Form 1065). [Screenshot #2]
- If you have already entered K-1
information, you will see the Partnership/LLC K-1 Summary screen.
Click Add Another K-1 to enter your information (or
click on Edit to continue with the existing form entry).
[Screenshot #3]
- If you haven't yet started
entering K-1 information, continue through the screens, entering the
requested information.
-
On the screen, Check Boxes
That Have an Amount, be sure to click Box 16.
[Screenshot #4]
-
On the screen, Enter Box
16 Info, select G - Deduction - Interest expense and H - Deduction allocated at individual level - Other from the drop-down menu and enter the amounts.
[Screenshot #5]
-
On the next screen, enter how much of the interest expense and other expense was due to foreign income.
[Screenshot #6]
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