The wages that you received from your business that's reported on a W-2 will be entered into the Wages & Income section under W-2 income. Only information that's reported to you on the K-1 from your business will be entered in the Income from partnerships, S-corps, LLCs and REMICs section of Wages and Income.
To enter your K-1, follow the steps below:
- Open TurboTax
- Enter K-1 in the Search Bar, and select Jump to k-1 link
- On the Schedules K-1 screen, select Yes
- Select Yes, on the Did you receive any Schedules K-1? Screen
- Select Start next to the type of K-1 that you have and enter the information.
If you are using TurboTax Desktop, review the TurboTax article Where do I enter a Schedule K-1 that I received?
The income entered from your K-1 appears on line 17 on form 1040 - Rental real estate, royalties, partnerships, S corporations, trusts.
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