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
