You will need to report 4 K1 forms..
- Log into or open Turbo Tax
- Go to federal>income and expenses>S-corps, Partnerships, and Trusts>sow more
- Schedule K-1>start
If in Turbo Tax Software
- Open Turbo Tax
- Go to Federal Taxes>Wages and Income>choose what you work on
- Business Items>Schedules K-1
Report the first K1 in the partnership's name and record all the information listed in all boxes. For Box 16, use the G code only along with the information it may require.
For the next three individual K1's, report in the partnership's name and leave the rest of the boxes blank except for Box 16. You will then prepare a separate K1 with Code F in box 16, another one with Code M, and then the last K1 with code N. This will generate the 4 separate worksheets that Turbo Tax requires.
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