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UPDATED FOR TAX YEAR 2019
Please make sure you are using the right K-1 entry form. There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate. Lines and codes on the forms differ from each other.
- TurboTax online: Click Wages & Income and scroll to the S-corps, Partnerships, and Trusts section. Click the Start/Edit box next to Schedule K-1
- TurboTax CD/Download: Click Federal Taxes > Wages & Income [In TT Self-Employed: Personal > Personal Income > I'll choose what I work on]. Under Business Investment and Estate/Trust Income, click the box next to Schedules K-1, Q.
- On the Tell Us About Your Schedules K-1 screen. Click on the Start/Update box next to the type of entity (partnership, S-corporation, or trust/estate) that issued the K-1.
- If you have already entered K-1 information, you will see a Summary screen. Click Add Another K-1 to enter your information (or click on Edit to continue with the existing form entry).
- If you haven't started entering K-1 information, continue through the screens, entering the requested information.
[Edited | 3/31/2020 |11:35am PDT]
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I am not the OP, but what I would like to know is which version of TurboTax 2018 I need to buy to be able to enter a K1 from a trust. Some years you can do it with Deluxe, some with Premium, sometimes you get a chance to upgrade online for $25 or so. It would be nice if it were written on the box.
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@obergair wrote:
I am not the OP, but what I would like to know is which version of TurboTax 2018 I need to buy to be able to enter a K1 from a trust.
TurboTax Premier or Self-Employed if you want to use an Online product.
Any of the desktop (CD/Download) versions will accommodate entry because they include all of the forms and schedules - you will get the most guidance for K-1 entry with Premier and Home & Business.
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Can you help me enter K-1 info into Turbo Tax where I have both Ordinary business income & Rental real estate income?
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You have to make two K-1 entries, one reporting the business income and deductions and the other reporting the rental income and deductions. Just make sure you don't enter any of the income or deduction numbers twice on separate forms.
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