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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
- Click on Federal Taxes > Wages & Income [In TT Self-Employed: Personal > Personal Income > I'll choose what I work on].
- Under Business Investment and Estate/Trust Income, click on the box next to Schedule K-1.
- 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.
- 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).
- If you haven't started enter K-1 information, continue through the screens, entering the requested information.
TurboTax Online
- Click on Federal > Wages & Income
- Under S-corps, Partnerships, and Trusts, click on the box next to Schedule K-1.
- 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.
- 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).
- If you haven't started entering K-1 information, continue through the screens, entering the requested information.
@and11829
‎April 5, 2021
1:14 PM