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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.
- Look for K-1 Partner in the left column. Click the form name to open it in the large window.
- Scroll down to Line 20 to confirm your entries for this box.
- 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.
- 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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‎April 2, 2023
11:38 AM