1. Code "F" detail for Box 11 on your K-1 (Form 1065)
is on a worksheet that TurboTax uses to build the actual forms that go into
your return. The K1P Addl Info 1 is a worksheet that contains the detail
for Box 11 (Other income (loss) , and Code F denotes the "Other
income" category.
To accomplish this in TurboTax, from the 2016 Income Summary,
jump or scroll down to the Business Item heading (little red briefcase"
and click "update" on the "Schedule K-1"
·
Say "Yes" on the screen entitled "Schedule K-1
and Schedule Q"
·
Click "Update" for the Partnership/LLCs (1065)
category
·
On the screen entitled "Partnership/LLC K-1 Summary, click
"Edit" for the partnership we are working on
·
As you continue through the interview you will get to a screen
entitled ""Enter Box 11 Info", be aware that the amount that you
enter for the Code F detail will only flow to other areas of your return if you
check the boxes (you can check more than one) for
o Recoveries
(Bad Debt/Prior Tax, etc)
o Sec 751
(B) Gain or loss reported on Form 4797
o Cap
Gain that is not Portfolio Income
o Other
nonpassive income or loss to be reported on Sch E p 2
·
If you have "Another Description Item" from the
supplemental info the partnership provided you with the K-1, then you can enter
the description toward the bottom of this screen as well as the amount
·
Because the dollar amount you type in the "Other"
category will only stay on the worksheet to tie out that the total dollars of
"Detail" in order to match the total amount for Code F, be aware that
it will not flow to other areas of your return that may require this flow thru
income input - you may have to manually enter the amount that you enter in the
"other" category later after you finish the K-1 interview.
·
Please click continue until the K-1 interview brings you back to
the 2016 Income Summary
2. If you do need to enter the "Other" amount
·
From Your 2016 Income Summary, jump or scroll down to the
section heading for "Less Common Income" and click start or update
·
On the screen entitled "Let's Work on Any Miscellaneous
Income" click start on "Other reportable income"
·
On the screen entitled "Any Other Taxable Income"
answer "yes"
·
On the screen entitled "Other Taxable Income" you can
enter a description and the amount and click "continue"
Once you get to the screen entitled "Other
Miscellaneous Income Summary" you can click "Done" at the bottom
of that page, which will bring you back to the screen entitled "Let's Work
on Any Miscellaneous Income" where you can click "Continue" to
bring you back to Your 2016 Income Summary
After you've registered or paid for TurboTax, you can see this
if you go to "My Account" up at the top and choose the "Print
Center"
Although the government gets the "All official Forms
Required For Filing", you can choose the radio button for "Tax
Return, all calculation worksheets" and scroll down to find the K1P Addl
Info 1.
For more IRS detail, please see the bottom left corner of page
30 on http://www.irs.gov/pub/irs-pdf/i1065.pdf
