Are you using Turbo Tax Business? If so, you would not put this on a K1,because the program does this automatically by entering information in the program.
- First step is to go to General Info>beneficiary information
- once this is entered, then federal taxes>income>deductions (if any)
- Go to Federal Taxes>distributions here it will have a listing of each beneficiary and you will enter the income that is to be distributed to each beneficiary according to the type of income it is. The information you put into this section will automatically transfer to the K1 on each beneficiary you have listed in step 1.
Now if you are not using turbo Tax and reporting this by hand, the Ki form itself should have several different income types ranging from interest income, royally income, business income etc. You must list the distribution inn accordance to the type of income it is.This could be tedious so this is why i suggest you use the program and let the program determine how the K1 should appear for each beneficiary.
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