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Get your taxes done using TurboTax
@whollycow To create a new K-1 (in the desktop version of TT):
- In Forms, select 'Open Form', type K-1, and you'll see choices for different K-1 forms that can be opened. If you select, for example, Sch K-1 Wks-Partnerships (which is what all the MLPs are if that's what you're working with) you'll see a list of all your existing K-1s, but also (at the bottom) the option to type in the name for a new one.
- In Step-By-Step, Federal Taxes, Wages&Income, "I'll choose what I work on", Schedules K-1 you can get to a list of all your K-1s. At the bottom of that screen is a box for "Add Another K-1".
While some areas of the tax code can be automated to the point that no judgement / tax understanding is required, partnerships aren't one of them. While it would certainly be nice if TT offered to automate some tasks (e.g., splitting a K-1 when multiple forms of income are reported), even that comes in many permutations (I've had K-1s that split into 6 different pieces).
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎September 8, 2022
8:40 AM
6,218 Views