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Received a K-1 (1065) what do I do. and what form does info go on and what line for income??
need help on partnership income and form E
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June 6, 2019
3:52 AM
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Business & farm
UPDATED FOR TAX YEAR 2019
Just enter the K-1 information as it appears on the form you received. TurboTax will flow the information to the proper places.
Please make sure you use 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.
To enter information from Schedule K-1 (1065), please follow these steps:
- Click on Federal Taxes > Wages & Income [In TT Self-Employed: Personal > Personal Income > I'll choose what I work on].
- Under Other Business Situations, 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 started entering K-1 information, continue through the screens, entering the requested information.
[Edited | 3/31/2020 | 1:23pm PDT]
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June 6, 2019
3:52 AM
623 Views