You do need to manually enter the information shown on the K-1. Then, the data entered will automatically be reported on various tax forms within the return. For example, if one of the items on the K-1 is interest income, then it will be moved from the K-1 to Schedule B to be reported there as part of the tax return.
Use the following steps to get started, and then follow the prompts on the screen to enter everything just as you see it on the K-1 (Form 1065):
- On the top row of the TurboTax screen, click on Search
- This opens a box where you can type in “K-1” (be sure to enter exactly as shown here)
- The search results will give you an option to “Jump to K-1”
- Click on the blue “Jump to K-1” link
Alternatively, you can find the K-1 section under Federal > Income > Business Investment and Estate/Trust Income > Schedule K-1.
@jdjerome9
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