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Investors & landlords
Overriding formulas or calculated numbers in TurboTax not only invalidates the Accuracy Guarantee, in most cases it invalidates the return for e-filing (an IRS rule). Instead of manually entering numbers on Forms, you should follow the step-by-step interview so that your entries are properly reported on the forms in your return.
You are unlikely to reproduce the same entries that will be reported to you on Schedule K-1. Your best option is to wait, then enter the K-1 under Investment Income.
Finally, due to the unusual nature of your "partnership," you may consider upgrading to TurboTax Live. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.
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March 20, 2024
6:42 AM