You only enter the K-1. You only need Premier version to enter a K-1. You can try to downgrade but you have to clear and start over
If you received a Schedule K-1 and need to enter it in TurboTax, using the search bar in your TurboTax program, type in k1 or k-1 (small k) and click Find. This should give you a Jump To link to go directly to it.
To enter a K-1 go to
Federal on left or at top
Wages and Income
Then scroll way down to Business items
Schedules K-1, Q - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
To add some further commentary:
- As a general partner, yes you are self-employed.
- Your K-1 box G should have an "X" in the general partner box.
- You should have an amount reported on line 14 code A. These will only be subject to SE Tax if this amount is positive (generating income).