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Business & farm
Form 1065-B is the return an electing large partnership files to report their income, gains, losses, deductions, etc. Unfortunately, Schedule K-1 from Form 1065-B is not entered under the K-1 section of TurboTax. Instead, each box on the K-1 is reported in the section of your return to which it applies.
The easiest way to make your entries is to enter them on a regular partnership K-1:
- Qualified dividends are entered on line 6b. If you are not given a separate amount for ordinary dividends, enter the same amount on line 6a as your qualified dividends.
- Net long term capital gain (loss) is entered on line 9a of the K-1.
- Foreign taxes paid are reported on line 16 with code L.
To enter information on a regular partnership Schedule K-1 (1065) in TurboTax Home & Business, please follow these steps:
- Click on Federal Taxes > Wages & Income
- Under Business Items, click on the box next to Schedules K-1, Q.
- Click Yes on the next screen, Schedules K-1 or Q.
- On the Tell Us About Your Schedules K-1 screen. Click on the Start/Update box next to Partnerships/LLCs (Form 1065). [
- 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).
- If you haven't yet started entering K-1 information, continue through the screens, entering the requested information.
[Edited | 4/8/2020 | 11:30am PDT]
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‎June 5, 2019
4:17 PM
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