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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