Solved: Will Turbotax deal with income on K1 forms?
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Will Turbotax deal with income on K1 forms?

I own shares in several publicly traded companies that report income and losses on K1s. Examples are ETP and ET.
3 Best answer

Accepted Solutions
Level 15

Will Turbotax deal with income on K1 forms?

Yes.  You need Online Premier to enter K-1.  Or any Desktop program.

 

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

Enter each k-1 separately.

ps....you don't enter K-1s you get for IRA, 401K or retirement accounts.

View solution in original post

Level 15

Will Turbotax deal with income on K1 forms?

Yes, but you will have to use TurboTax Premier or Self-Employed if you plan to use an online version.

 

Any desktop version can be used to input information from a K-1 since desktop versions include all of the forms and schedules.

View solution in original post

Level 15

Will Turbotax deal with income on K1 forms?

If you are using the TurboTax online editions you will need either the Premier or the Self-Employed edition depending on the type of Schedule K-1 is being used - https://turbotax.intuit.com/personal-taxes/online/

 

Any of the TurboTax desktop CD/Download editions can be used to enter a Schedule K-1 - https://turbotax.intuit.com/personal-taxes/cd-download/

 

 

View solution in original post

3 Replies
Level 15

Will Turbotax deal with income on K1 forms?

Yes.  You need Online Premier to enter K-1.  Or any Desktop program.

 

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

Enter each k-1 separately.

ps....you don't enter K-1s you get for IRA, 401K or retirement accounts.

View solution in original post

Level 15

Will Turbotax deal with income on K1 forms?

Yes, but you will have to use TurboTax Premier or Self-Employed if you plan to use an online version.

 

Any desktop version can be used to input information from a K-1 since desktop versions include all of the forms and schedules.

View solution in original post

Level 15

Will Turbotax deal with income on K1 forms?

If you are using the TurboTax online editions you will need either the Premier or the Self-Employed edition depending on the type of Schedule K-1 is being used - https://turbotax.intuit.com/personal-taxes/online/

 

Any of the TurboTax desktop CD/Download editions can be used to enter a Schedule K-1 - https://turbotax.intuit.com/personal-taxes/cd-download/

 

 

View solution in original post

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