Partnership with Schedule K-1. Where to enter taxes and expenses?

[Heather14]

You will need TurboTax Premiere or Home & Business if you are preparing your return in TurboTax Online. If you are using TurboTax CD/Download, you can prepare your return with a Schedule K-1 using versions of TurboTax Deluxe and higher. 

To enter your K-1 in your return, you can see the instructions listed in the following TurboTax FAQ:

https://ttlc.intuit.com/replies/3301717

If you are a partner in a partnership, the information you need to prepare your individual tax return is on the Schedule K-1 you received from the partnership, not on Form 1065. K-1s can be complicated forms with lots of lines, but TurboTax asks about the data you need to enter.

[bnag]

Heather

Thank you. I am using TurboTax Home & Business and I am entering income from Schedule K-1. I cannot find a line in any form in Forms to enter SEP IRA contribution. The Help points me to a Search box in Step-by-Step where I am losing myself answering all the questions. I see no Search box in Forms either where I would have entered "SEP IRA Deduction". I have already covered all those questions related to contribution limits, etc., with the CFA of the IRA. He has no knowledge of TurboTax and cannot answer a TurboTax question.

Barin

[AnnetteB6]

Take a look at the following TurboTax article for step by step instructions to enter your SEP IRA contributions:

Where do I enter my SEP IRA contributions?

@bnag