Which version of TurboTax for K-1?

Forum|Forum|3 years ago
February 10, 2023
5 replies
4 views

I am trying to figure out which version of TurboTax I need to purchase to be able to file a schedule K-1. Can you recommend the correct version? Thanks,

old turk

Level 2

If you are reporting items from a K-1 that you received, TTx Basic will ask you about K-1 in the income portion, and will generate the required form input.

Having said that, if you have a complex K-1, then you may have to upgrade to the more expensive versions that will interview you on various types of passive versus active income but the basic version worked for me on a distribution from an estate last year. 🙂

VolvoGirl

Level 15

If you are using the Online browser version you need Premier to enter a K-1. If you have the Desktop CD/Download program installed any version will work.

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down to S-Corp, Partnerships and Trusts

Schedules K-1 - 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.

nonna1946

Level 2

You need Business. It states on this version that it is for K-1's.

user17719032717

Level 2

You must use Business to CREATE a schedule k1. If a person is just reporting income from a K1 there are other options.

RobertB4444

Level 15

TurboTax Business. You'll want the desktop/download version.

Get that here.

@jsemmens3

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PAPY3

Level 2

Turbo Tax Business will only allow you to create K-1s to distribute to partners of the company. If you have received a K-1 and need to enter it as part of your personal tax return do NOT buy "Turbo Tax Business".

jeannecross101

Level 2

Hello! I am transitioning to a two owner s-corp of two members only with my spouse. I understand Turbo will not allow me to complete a 2553. Excluding a 2553, can I complete all remaining forms via turbo (as Gusto will be submitting the W2 form via payroll). Thanks!

user17719032717

Level 2

If your income is resported on a Schedule K-1, you can use Home&Business, Premier and possibly others. If you need to do a return to PRODUCE a Schedule K-1 for a beneficiary, then you must use Business.