Business & farm

To enter information from Schedule K-1 (1065) in the CD/Download versions of TurboTax, please follow these steps:

1. Click on Federal Taxes > Wages & Income  [See Screenshot #1, below.]
2. Under Business Items, click on the box next to Schedules K-1, Q.
3. Click Yes on the next screen, Schedules K-1 or Q.  
4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to Partnerships/LLCs (Form 1065). [Screenshot #2]
5. If you have already entered K-1 information, you will see the Partnership/LLC K-1 Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).  [Screenshot #3]
6. If you haven't yet started entering K-1 information, continue through the screens, entering the requested information.
7. On the screen, Check Boxes That Have an Amount, be sure to click Box 16.  [Screenshot #4]
8. On the screen, Enter Box 16 Info, select G - Deduction - Interest expense and H - Deduction allocated at individual level - Other from the drop-down menu and enter the amounts.  [Screenshot #5]
9. On the next screen, enter how much of the interest expense and other expense was due to foreign income. 
   [Screenshot #6]