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rodolfoemilia
New Member

How do I post additional tax data that I received late?

K-1 and Schedule C.
1 Best answer

Accepted Solutions
PeterM
New Member

How do I post additional tax data that I received late?

Provided that you have not previously filed your tax return, all you have to do is enter the information into Turbo Tax. If you have already filed, you'll have to prepare, print, sign and mail an amended tax return form 1040X to correct the problem. 

DO NOT change your original tax return until you start the amended return. If you have already changed it from the way it was originally filed and accepted, you must change it back before you start the amended return. Wait until you receive the refund (if you are getting one) from your original return before beginning your amended return to make sure you enter the correct amount.

Here is an FAQ to help you:                                                                  

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

To enter the Schedule C, follow these steps:

  • Log into your tax return.
  • Use the search box in the upper right hand corner. Type "schedule c" in the box and press enter.
  • This will bring up the "Jump to schedule c" link...click that link.
  • From here Turbo Tax will ask you some specific questions about your business. You'll be led through different screens asking you more questions regarding your business.
  • Once you've answered these questions Turbo Tax will bring you to a screen to enter you income. This may be in the form of 1099s or no 1099s. 
  • After you've added your income (or skipped that part) Turbo Tax will bring you to the screen for you to choose what expenses you would like to enter onto your tax return.
To enter the Schedule K-1, follow these steps:
  • Log into your tax return (make sure you're in the tax return not just your account).
  • Use the search box in the upper right hand corner and type in "Schedule K-1".
  • Click the "Jump to Schedule K-1" link that pops up.
  • Click the Yes button on this screen
  • This screen is where you must know exactly what type of K-1 you have to enter (In the upper left hand corner of your K-1, under the "Schedule K-1 heading, it will tell you what type the K-1 is. It may say "Form 1120S" or "Form 1065", or "Form 1041)
  • Click the appropriate Start button that corresponds to your specific Schedule K-1
    • From here Turbo Tax will guide you through entering the information on your Schedule K-1







View solution in original post

1 Reply
PeterM
New Member

How do I post additional tax data that I received late?

Provided that you have not previously filed your tax return, all you have to do is enter the information into Turbo Tax. If you have already filed, you'll have to prepare, print, sign and mail an amended tax return form 1040X to correct the problem. 

DO NOT change your original tax return until you start the amended return. If you have already changed it from the way it was originally filed and accepted, you must change it back before you start the amended return. Wait until you receive the refund (if you are getting one) from your original return before beginning your amended return to make sure you enter the correct amount.

Here is an FAQ to help you:                                                                  

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

To enter the Schedule C, follow these steps:

  • Log into your tax return.
  • Use the search box in the upper right hand corner. Type "schedule c" in the box and press enter.
  • This will bring up the "Jump to schedule c" link...click that link.
  • From here Turbo Tax will ask you some specific questions about your business. You'll be led through different screens asking you more questions regarding your business.
  • Once you've answered these questions Turbo Tax will bring you to a screen to enter you income. This may be in the form of 1099s or no 1099s. 
  • After you've added your income (or skipped that part) Turbo Tax will bring you to the screen for you to choose what expenses you would like to enter onto your tax return.
To enter the Schedule K-1, follow these steps:
  • Log into your tax return (make sure you're in the tax return not just your account).
  • Use the search box in the upper right hand corner and type in "Schedule K-1".
  • Click the "Jump to Schedule K-1" link that pops up.
  • Click the Yes button on this screen
  • This screen is where you must know exactly what type of K-1 you have to enter (In the upper left hand corner of your K-1, under the "Schedule K-1 heading, it will tell you what type the K-1 is. It may say "Form 1120S" or "Form 1065", or "Form 1041)
  • Click the appropriate Start button that corresponds to your specific Schedule K-1
    • From here Turbo Tax will guide you through entering the information on your Schedule K-1







View solution in original post

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