Business & farm

Please make sure you are using the right K-1 entry form.

There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate.  Lines and codes on the forms differ from each other.

It sounds like the K-1 is from a partnership.  On a partnership K-1:

• Section K contains entries for Partner's Share of Liabilities at year end.
• Section L is the Partner's Capital Account Analysis. 

There are entry screens for this information, but they have no effect on the tax return.

To enter information from Schedule K-1, please follow these steps:

1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on].  
2. Under Other Business Situations, 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). 
5. If you have already entered K-1 information, you will see a Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).  
6. If you haven't started entering K-1 information, continue through the screens, entering the requested information.
7. You will see  a screen, Enter Your Liability Share.  This is were you enter the information from Section K.
8. Enter Capital Account Information.  This is where you enter the information from Section L.  
   

If the above information does not answer you question, please respond to this answer string with additional information.

[Edited | 4/9/2020 |  10:37am PDT]