PatriciaV
Expert Alumni

Business & farm

Yes, to record this activity for your LLC and its partners, enter Schedule K-1 as received by the LLC, including information from Box 20, under Federal Taxes >> Income >> Schedules K-1. You may need to enter info from Statement A using Forms Mode.

 

To review your entries from this K-1, open your return and click the Forms icon in the TurboTax header.

  1. Look for K-1 Partner in the left column. Click the form name to open it in the large window.
  2. Scroll down to Line 20 to confirm your entries for this box.
  3. Section A below Line 21 provides input lines for the Statement A information. Complete this section to allow the info to flow to the partners'' K-1s.
  4. To review this flow-through to K-1s, look for Statement A under Schedule K-1 (Partner Name). You should see a column on this form for the flow-through LLC's K-1 with the allocation for this partner.
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