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How do I enter a 1041 and K-1 into a Deluxe Turbotax (Federal Only)

I've attempting to enter a 1041 and K-1 from a family trust that ended in 2023 into my personal tax return. l am one one of three beneficiaries (along with my 2 brothers) who show a signifcant LOSS in this final year of the trust.  I'm hoping to utililize this loss to offset any personal gains and reduce my taxes accordingly.  However, when I enter the 1041 and K-1 into the Wages and Income section.  It only asks for the trust name and fails to ask for any specific income/loss information about the trust. Any suggestions??

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1 Reply
JamesG1
Expert Alumni

How do I enter a 1041 and K-1 into a Deluxe Turbotax (Federal Only)

An IRS Schedule K-1 (1041) must be reported in TurboTax Online Premium.

 

See this comparison of the Online products.

 

The K-1 is entered 

 

  • Under Federal and Wages & Income.  
  • Scroll down to S-corps, Partnerships and Trusts and click the down arrow.  
  • Select Start/Revisit to the right of Schedule K-1.

 

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