Help with K1

[chirpy]

Hello,

I'm limited partner in a company and invested amount in 2021 and for which I received interest this year.  In K1 form in part 3: only entry i've is 5 interest income: XXXX. and 20 Other Information A XXX Z *STMT. However lot of information in Part 2. While filling the K1 in Turbotax only information  I was able to enter the interest come.  but not sure if i'm doing it correctly . Any help is appreciated

 

[AliciaP1]

When you proceed through the interview process in TurboTax you will see the screens to enter your share of the Recourse Liabilities and your Partner's Capital Account Analysis.

You can get to the section to enter a Partnership K-1 in TurboTax Online by following these steps:

1. Sign in to your TurboTax
2. Open or continue  your return
   • Choose a section from the TurboTax menu and select Pick up where you left off
3. Using the search bar, type K-1 and select the Jump to link from the search results
   • Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
   • Select Revisit or Start next to Schedule K-1
4. Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
   • Note: You may be prompted to upgrade to Premier, if you're not already using it
5. This will take you to the Schedules K-1 or Q screen
6. We’ll ask some questions about your K-1, and then you’ll enter the data from the form

To enter in TurboTax CD/Download:

1. Sign in to your TurboTax
2. Open or continue  your return
3. Using the search bar, type K-1 and select the Jump to link in the search results
4. This will take you to the Schedule K-1 and Schedule Q screen
   • Note: If the Jump to link doesn’t work, select Personal, then Personal Income
5. Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
6. Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
7. Answer Yes and follow the prompts
8. We’ll ask some questions about your K-1, and then you’ll enter the data from the form

[Mike9241]

you may have an additional tax issue. not only do you have to report that $8K as taxable income but you apparently received a distribution in excess of tax basis which is additional income reported as a capital gain. we can't see what was reported on line 20 so read it carefully 

entering part II info is a waste of time - it goes nowhere. turbotax doesn't use it and it's not transmitted as part of your e-file and it also wouldn't be sent if you paper file.

[chirpy]

Thank for the information that helped to proceed to next steps. Yes I do have entry in section as follows.

And also statement A with the following information.  I was able to account the ordinary income loss (3031). But was not sure how to handle the information in section  unadjusted Basis immediately After acquisition 110,573.

Sample statement A attached below.

[AbrahamT]

Here's where you are going to enter this information

In your K-1 input you will record the 199a income as you have it reported from Box 20 Code Z like this

Keep hitting the continue buttons past the carryover information screens till you approach this screen

the next screen will appear as follows

And here is where you will enter that information.

[chirpy]

Thank you, Yes I was able to enter the amount.