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When entering your K-1, check that it has Box 20 Code Z. You don't need to enter any amount for Code Z.  Continue with the interview (this may be several screens later) until you see "We see you have Section 199A information." Check the box that applies (usually the first option - income comes from this partnership). On the next page "We need some information about your 199A income," be sure to check the first box and enter at least one type of income. Check any other boxes that appear on Statement A and enter the related amount. Be sure to complete the entire interview, especially the question "Do you want to provide more info about [partnership] in case it's needed later?" You are not finished until you return to the K-1 summary page.

Yes, you would include in your cost all reinvested dividends that were applied to this account before it was liquidated.  The cost basis must be figured out by you. The reporting of this is as noted below.   How to Report Cash in Lieu of Fractional Shares The IRS considers cash for a fractional share to be money received as the result of a stock sale. This transaction must be reported on IRS tax form Schedule D Capital Gains and Losses.  The date of the sale (when cash was received) and the date of the original stock purchase is needed to complete the tax form. Tax Basis Example:  Assume a shareholder has an aggregate $100 basis in 50 shares of ABC stock ($2 per share), and the fair market value of one share of ABC stock is $66.65. Following the ABC Merger, the shareholder should have an aggregate $100 basis in 64.1 shares of ABC stock (50 shares x 1.2820, or $1.56 per share), and should be treated as having sold 0.1 shares of ABC stock with a tax basis of $0.156 ($1.56 x 0.1 shares) for $6.67 ($66.65 per share fair market value x 0.1 fractional shares).   Once you have your information you will complete the entry in TurboTax using the following steps. Open (continue) your return if it isn't already open. In TurboTax, search (upper right) > Type 1099B  Press enter > Click the Jump to link  Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2025? If you see Here's the info we have for these investment sales, select Add More Sales. Answer NO to Did you get a 1099-B or brokerage statement for these sales?  or Select Other sales  @navens 

ugh - IRS can't even spare this first time "offender" -  the penalty assessment is from my underpayment (actually, non-payment) of estimated tax :((   I've paid my withholding in full every year in the past (through W2 withholding tax) .   So for 2026, I assume I will just divide the total tax owed for 2025 by 4 to make quarterly payments?   Can I pay just 90%  for each quarter? 

If you would like to send us a “diagnostic” file that has your “numbers” but not your personal information it would help.  If you would like to do this, here are the instructions:  (Don't forget to give us the state)   TurboTax Online: Open your return -Go to the menu panel on the left side of your return and select Tax Tools.  Then select Tools below Tax Tools. A window will pop up which says Tools Center.   On this screen, select Share my file with Agent. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. Reply to this thread with your Token number and your state. This will allow us to open a copy of your return without seeing any personal information. TurboTax Desktop: If you like, you can send a copy of your return that will be scrubbed to eliminate your personal data by using these steps: Click on Online in the top left menu of TurboTax Desktop for Windows Select 'Send Tax File to Agent'* > Follow the prompts to reach the token number. Enter your email used for TurboTax > Enter your code > Send Write down or send an image of your token number and state then place in this issue. We can then review your exact scenario for a solution. Please also tell us any states included in the return. This is necessary for us to view the return. *If using a MAC, go to the menu at the top of the screen, select Help, then, 'Send Tax File to Agent')   We will be able to see exactly what you are seeing and we can determine what exactly is going on in your return to provide you with a resolution.   @mminderbinder 

You do not enter everything twice.  You only enter each item (other than name, tax ID, etc.) once.  You enter everthing related to Real Estate income/loss as one K-1 entry, and everything else on the other entry.  If you're not sure what's what, enter everything but box 3 as one entry, and make another entry for box 3 (or visa versa).  

1. Yes. Once you file your return, as long as the settings to receive communication from Intuit don’t block it, you will see a pop-up message or receive an email with a survey asking you about your experience. We encourage you to leave your notes and comments there. “Voice of the Customer” notes and comments are read and acted upon.  If you are using TurboTax Desktop, you can also leave feedback at the Final Steps tab.   2. No. You have the records, if OH asks.

I’ve taken a look at your return and I see why this caught your attention; it does look like a Child Tax Credit at first glance. The good news is everything is working as it should. There's no Child Tax Credit on your return, since your son was 17 at the end of the year.   What you’re‌ seeing is the Earned Income Credit (EIC), which is separate and still allowed based on your income. You can confirm this in Forms view, Lines 19 and 28 are $0, and the credit showing on your refund is coming from the EIC section of your Form 1040.    

Is there a penalty on 1040 line 38?   If there is then the refund on line 35a should be less than line 34.   Or where are you seeing a penalty?   How much is the penalty?   I would wait and see if the IRS sends the refund on line 35a or reduces it.   Or wait for the IRS to send you a bill .    If you have the Desktop program switch to Forms mode and check the actual 1040 and see if there is form 2210 for penalty.  If Turbo Tax calculates a penalty on 1040 line 38…..You might be able to eliminate it or at least reduce it.  You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you.  It's form 2210.   It's under Federal or Personal (for Home & Business Desktop) Other Tax Situations Additional Tax Payments Underpayment Penalties - Click the Start or update button

If you need additional assistance here are some options:   TurboTax Live, where you can get help from live tax experts, they can even review your return once you are done.  Live Expert Assist, where an expert helps you do your taxes Live Expert Full Service, where an expert does your taxes for you.  See the links below for more information: Compare TurboTax Online Products  

I, too, was having the same issue. I just tried it and successfully submitted both Federal and California forms. I just receive notification from the state that the return was accepted. Whatever was wrong appears to be fixed.

Thank you, MinhT1, for the response. Does it matter that I have no basis, as have never made nondeductible contributions to any IRAs?  So, form 8606 will get populated but it will show that my IRA to Roth conversion is fully taxable.  And assuming that is true, I am thinking there is no need to wait for another tax form nor report balance.   Thanks for any further insight.  

Because States handle Pass-Through Entity Tax (PTET) payments differently, the best option to report the tax paid on your behalf is as an additional estimated tax payment. The payment should appear at some point in the state interview where you can identify the amount as applied to your state tax liability.   Assuming you received Schedule K-1 (Form 1065), report the PTE Tax Paid by the partnership as follows: During the K-1 interview, enter for Box 13 Code ZZ as "Taxes and State Income Tax Withheld."  Go to Deductions and Credits >> Estimates and Other Taxes Paid >> Estimates.  Click Start/Update, then Start beside State estimated taxes for 20XX.  Choose Add another payment. Select the state from the drop-down menu. Enter 1/1/20XX as the payment date and enter the amount paid on your behalf. When you work through the State income tax section, look for questions about how your state handles income differently or business income adjustments. This process will apply the PTE payment against your state income taxes due. Look for a Tax Payment Worksheet that should display the State tax withholding on Form K-1.

TurboTax File your own taxes may be found here.   In TurboTax Online, you may be able to Switch Products or Clear and Start Over.   Switch Products or Clear and Start Over may be found in the lower left hand corner of the screen if it is available to you.   See also this TurboTax Help.    As long as you:   have not submitted payment,  deducted the TurboTax fee from your refund, or  registered your product,  you may erase your return and start from scratch in TurboTax Online. If you have done any of these things, you will need to manually edit your return.