To enter your K-1 information, you need to have Turbo Tax Premier or Self-employed/Home and Business for the software version. To enter in Turbo Tax online:
- Log into or open Turbo Tax
- Go to federal>income and expenses>S-corps, Partnerships, and Trusts>show more
- Schedule K-1>start
- Be sure to select Partnership's, LLC Form 1065) as the form to report your K1
If in Turbo Tax Software
- Open Turbo Tax
- Go to Federal Taxes>Wages
- Wages and Income>choose what you work on
- Business items>Schedule K1
- Be sure to select Partnership's, LLC Form 1065) as the form to report your K1
As you enter your information, don't be concerned about entering your percentage of shares, liability shares or capital amounts unless you have that information handy. This information is not relevant for reporting your K1 information.
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