Irene2805
Expert Alumni

Business & farm

It depends on the credit listed on the K-1.  Just being on the K-1 itself does not make a credit refundable or nonrefundable, although it is highly unlikely that credits coming from a business like a partnership or S-Corporation would be refundable.

 

Just enter the information from your K-1 in TurboTax and the program will figure out if the credit is refundable or nonrefundable.

 

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, please follow these steps:

 

TurboTax CD/Download

  1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on]. 
  2. Under Business Investment and Estate/Trust Income, click on the box next to Schedule K-1.  
  3. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity (partnership, S-corporation, or trust/estate) that issued the K-1.     
  4. If you have already entered K-1 information, you will see a Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).    
  5. If you haven't started enter K-1 information, continue through the screens, entering the requested information.

 

TurboTax Online

  1. Click on Federal > Wages & Income
  2. Under S-corps, Partnerships, and Trusts, click on the box next to Schedule K-1
  3. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity (partnership, S-corporation, or trust/estate) that issued the K-1.     
  4. If you have already entered K-1 information, you will see a Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).    
  5. If you haven't started entering K-1 information, continue through the screens, entering the requested information.

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