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Business & farm
Schedule K-1 Part II Section L appears under your personal information on the left column of the form with the title "Partner's Capital Account Analysis."
To enter this in TurboTax Premier/Premium using step-by-step:
- Use the search box at the top right corner of the TurboTax header, type in "k-1" and hit Enter. Click on the "jump to k-1" link to go directly to that topic.
- Click Yes, then Start beside Partnerships/LLCs.
- Click Edit beside the K-1 you need to work on.
- On the page "Review your information," click No.
- Continue through the screens (update information as needed) to the page "Enter Capital Account Information" (shown in previous post).
- Enter the amounts shown on Schedule K-1 Part II Section L.
Your other option is to use Forms Mode, available only in TurboTax for Desktop.
- Open your return and click the Forms icon in the TurboTax header.
- In the list of Forms in My Return on the left, find "K-1 Partner" for the partnership you need to work on.
- Click on the form name to open it in the large window.
- The top section of this form is very similar to the actual K-1. You can manually enter information in any box highlighted in yellow.
- Click Step-by-Step in the header to return to the main screens.
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‎April 15, 2024
5:55 AM