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Level 3
posted Apr 11, 2024 5:20:01 AM

How to add 3 more Schedule K-1 to Turbo Tax Delux Tax Return

Hello,
I am returning to my 2023 tax return.  I entered one K1 back in February.  Now I need to add 3 more K1 forms. But I am having a senior moment and can't figure this out.

In the TT 2023 I see the Business Items section and a Schedule K-1 has a number (this is from my posting in February).  But I can't see how to add 3 more Schedule K-1 forms.
Please help.

0 5 4904
5 Replies
Expert Alumni
Apr 11, 2024 5:27:42 AM

In TurboTax Online, you can enter additional Schedules K-1 by following these steps:

 

  1. Open your tax return
  2.  
  3. Click on Federal in the left-hand column, then on Wages & Income
  4. Locate the section S-Corps, Partnerships, and Trusts and click on the arrow on the right
  5. Click Start next to Schedule K-1
  6. Choose the correct form for your Schedule K-1 (Form 1065, 1120S or 1041)
  7. On the K-1 Summary page, click on  + Add Another K-1

Level 3
Apr 11, 2024 5:40:24 AM

First, thank you very much for the prompt reply!
I found the section which is entitled:
Tell Us About Your Schedule K-1

Then it says,
Select the type of Schedule K-1 you want to enter or edit:
   Partnership LLC (form 1065)
   S corporation (Form 1120S)
   Estates or trusts (Form 1041).

The Schedule K-1 I want to enter says the "Company Name and LLC"   The Company is actually a partnership that invests in buying apartments and distribution dividends.
Should I choose the Partnership LLC? (above)

 

 

 

 

 

Expert Alumni
Apr 11, 2024 5:52:12 AM

It could be Schedule K-1 (Form 1065) or Schedule K-1 (Form 1120S).

 

Look at the top left corner of your document.

Level 3
Apr 11, 2024 6:03:43 AM

Thank you!
I figured that it is Schedule K-1 (Form 1065).  But this Schedule K-1 form came with the Schedule K-3 form.  Which, according to the TT instructions I can skip if Schedule K-3 has No Foreign Income or Taxes.   
I am trying to figure this out (if Schedule K-3 has any Foreign Income or Taxes).   Confusing.
Thank you again.

 

Level 3
Aug 27, 2024 12:48:55 PM

How can I find these "TT instructions" that say that you can skip the K-3 if it has no foreign income or taxes?
Thanks.