K-1 Income not being reported in income summary or in 1040 preview

[patman0]

I think there may be a bug with the K-1 processing. 

K-1 1065 income only seems to be reported if part 3 boxes 1-3 are given values.

If my k-1 1065 box 1-3 are not marked, due to the k-1 being for an investment fund, the income is not getting picked up by turbo tax for the investment income marked in box 11 (other income)

[DianeW777]

It depends. Form 1041, does not have a box 20 on the K1. This indicates to me that you have an additional statement with details of income.   If you have income from investments you can enter then directly using the instructions below. Interest, Dividends, Capital Gains are all reported in boxes 1-4. See the instructions for interest and dividends:

• Where do I enter Form 1099-INT?
• Where do I enter my 1099-DIV in TurboTax Online?  // TurboTax Desktop: Search > 1099div > click the jump to... link

To enter your sale in TurboTax, follow these steps. 

1. Open or continue your return.
2. Navigate to the investment sales section:
   • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
   • TurboTax Desktop: Search for investment sales and then select the Jump to link.
     • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
3. Answer Yes to the question Did you sell any of these investments in 2024? 
   • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
   • Click this link for more information. Where do I enter Investment Sales?

[patman0]

Oops, I misspoke in my first post. I meant to say 1040 preview that turbo tax provides under tax tools. And my k-1 is a K-1 1065

[patman0]

I'd expect "Other Income" in box 11 (code ZZ for SECTION 475(F) INCOME) to show up on 1040 preview however it isn't

[patman0]

@DianeW777 Oops, I misspoke in my first post. I meant to say it doesn't show up on the 1040 preview that turbo tax provides under tax tools. And my k-1 is a K-1 1065

I'd expect "Other Income" in box 11 (code ZZ for SECTION 475(F) INCOME) to show up on 1040 preview however it isn't

According to Chat GPT, my K-1 Box 11 section 475(f) "other income" should be reported on 1040 schedule 1 Part 1 Additional Income Linze 8z, and then on Form 1040, Line 8 (other income from schedule 1)

[DianeW777]

The best and most direct way to add this additional income from your 1065-K1 is to remove it from the K1 entry and then add it as shown below. The description should be 'SECTION 475(F) INCOME' and then the amount as indicated below. This will show up on the appropriate line of your tax return (1040 schedule 1 Part 1 Additional Income Line 8z, and then on Form 1040, Line 8).

Other Miscellaneous Income:

1. Sign into your TurboTax Online account
2. Go to Tax Home (left panel)  Wages and Income  section
3. Scroll to  Less Common Income > Select  Miscellaneous Income, 1099-A, 1099-C
4. Select Other reportable Income > Enter a description (----) and the amount

@patman0