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My schedule K-1 has a box 20, but turbo tax only goes up to box 17. How do include my box 20 information?
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June 5, 2019
4:39 PM
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Business & farm
When first selecting to enter the K-1, you will need to enter the form under the correct entity type. The K-1 for a SCorp (1120S) has 17 boxes, but the K-1 for a partnership or multi-member LLC (1065 form) has 20 boxes. Therefore, the K-1 you have must be a 1065 K-1 form so you will want to select Partnership/LLC (Form 1065) K-1. See the sample screenshot below for which K-1 entry to select.
Note, if you feel that your K-1 should be a SCorp K-1 (Form 1120S), you will need to go back to the preparer of the K-1 and request a correction.
June 5, 2019
4:39 PM