Business & farm

Unfortunately, TT has not automated the process of handling K-1s in the same way they've automated W-2s, or 1099s.  That's largely because K-1s come in a thousand different varieties, and the tax issues are far more complex.  So if you're investing in partnerships you've either got to hire tax advice, or invest the time to figure out what your tax forms should look like once you've entered the K-1 information correctly.

 

As an example, the K-1 sales schedule gives you everything you need to figure out what your Cap Gain/Loss should be, and what amount should appear on Form 4797.  So if you know that, verifying your inputs gets a lot easier:  you just look at the Forms and verify the correct amounts.

 

The biggest issue most have on the forum is the TT bug that double-reports Cap Gains.  That's what requires the workarounds during the K-1 interview to avoid creating any duplicate 8949s.

 

If you choose to hire someone, virtually any CPA will be able to work through this.

 

[Edit to add]:  One way to easily see how a K-1 shows up on your return is to start a new one, enter nothing but the K-1, and then review the forms.  If there are numbers that don't make sense, posting to the forum to ask about them usually gets quick results.

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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!