There are three different kinds of K-1’s that can be entered into TurboTax software.
- Partnerships/LLCs (form 1065)
- S corporations (form 1120S)
- Estates and trusts (form 1041)
You should be able to read the top of the form and determine which K-1 that you will be entering.
In TurboTax Desktop Home & Business, follow these directions.
- Across the top of the screen, click on Personal.
- Across the top of the screen, click on Personal Income.
- Select I'll choose what I work on.
- Scroll down to Business Investment and Estate/Trust Income.
- Click to the right of Schedule K-1.
- At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received.
- For several screens, you will be entering data right off the K-1 form.
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