HELP
I am currently using the Deluxe Edition of Turbo Tax . My husband just received a Schedule K-1 (form 1065). He is a partner for this publicly owned company since he owns some units in 2023? He has not taken distributions or sold any units. I have been trying to read the instructions on the IRS website to see if I need to report this, however, it's very confusing to me. I have no idea what to do with this form.
Here are some of the items on the form:
Part III:
Box 1: -188
Box 9a: 0
Box 10: -1
Box 13: A, 0 & K,0
Box 17: A, 4
Box 19: A, 160
Box 20: A, 0 ; N, 47; V, -191
Do I need to report these items on my federal return? If so,
- What section is this under?
- Can I still use the Deluxe edition to report this?
I really appreciate any assistance on this.
Thank you.
