K-1

rogayers · ‎October 23, 2020

I entered the income from a K-1 on the "Enter Box 1 Info" form for 2019. However, this income and other data does not show up in the Summary of K-1s ( I have 4 of them to report). I don't understand.

tagteam · ‎October 23, 2020

@rogayers wrote:

I entered the income from a K-1 on the "Enter Box 1 Info" form for 2019. However, this income and other data does not show up in the Summary of K-1s ( I have 4 of them to report). I don't understand.

The K-1 summary screen typically shows "$0" because the entries from your K-1(s) are distributed to the appropriate schedules and forms on your return.

For example, interest and dividends would appear on Schedule B while capital gains would generally appear on Schedule D.

View solution in original post

tagteam · ‎October 23, 2020

@rogayers wrote:

I entered the income from a K-1 on the "Enter Box 1 Info" form for 2019. However, this income and other data does not show up in the Summary of K-1s ( I have 4 of them to report). I don't understand.

The K-1 summary screen typically shows "$0" because the entries from your K-1(s) are distributed to the appropriate schedules and forms on your return.

For example, interest and dividends would appear on Schedule B while capital gains would generally appear on Schedule D.

ssunshine007 · ‎October 27, 2020

I don’t understand any of it either. My friend said she had a friend that works for H&R Block and she would happily do this for me. I gave her all my information That she needed.

tagteam · ‎October 27, 2020

@ssunshine007

Ultimately, the program does the work for you; there is no need to be concerned about what is shown in the summary window.

dogara37 · ‎February 16, 2021

I entered 2 K-1's om Turbo Tax Delux but the amounts are not reflected in the Income Summary

tagteam · ‎February 16, 2021

@dogara37 Please read the recommended answer.

jago1 · ‎March 15, 2021

I have a k-1 that has ended. Where on turbo tax can you do a summary of the cost basis and distributions?

VickieB · ‎March 30, 2021

I have a K-1 to enter. Where do I do this? What version of TurboTax do I need?

DaveF1006 · ‎March 30, 2021

To enter your K-1 information, you need to have Turbo Tax Premier or Self-employed/Home and Business for the software version. To enter in Turbo Tax online:

Log into or open Turbo Tax
Go to federal>income and expenses>S-corps, Partnerships, and Trusts>sow more
Schedule K-1>start

If in Turbo Tax Software

Open Turbo Tax
Go to Federal Taxes>Wages and Income>choose what you work on
Business Items>Schedules K-1

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Steve10S · ‎November 16, 2022

What if the K-1 form is for an investment in an IRA? Is this still a taxable event?

Mike9241 · ‎November 16, 2022

if the IRA owns the investment for which the k-1 was issued, you do not report it on your 1040.

warning

if there's code V in box 20 and the amount is over $1,000 the IRA was supposed to file form 990-T with the IRS.

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