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Business & farm
When you enter the information from your K-1, TurboTax will automatically flow the information to Schedule E, page 2.
You can enter expenses related to the K-1 in the K-1 entry interview. To do this follow these steps:
- Click on Federal > Wages & Income
- In the Business Investment and Estate/Trust Income section click on the box next to Schedule K-1.
- Click Yes on the next screen, Did you receive any Schedules K-1?
- On the Tell Us About Your Schedules K-1 screen. Click on the Start/Update box next to the type of entity that issued the K-1 (S-Corps, Partnerships, Trust/Estate).
- If you have already entered K-1 information, you will see a Summary screen. Click Edit to continue with the existing form entry
- Continue through the screens until you reach Describe the Partnership.
- On this screen mark the box I am required to pay supplemental business expenses on behalf of this partnership/LLC for which I am not reimbursed. and click Continue.
- On the next screen, Unreimbursed Partnership Expenses, click the blue Yes box.
- Continue through the screens, entering any expenses incurred.
@FixinToFile
I'm not sure what you're asking. As a general partner/operating manager you can't indicate in TurboTax that you are the Tax Matters partner?
‎April 8, 2021
1:38 PM