Are you in the correct version of TurboTax? To report IRS Schedule K-1 information, TurboTax Online must be Premium version.
There are three different kinds of K-1’s that can be entered into TurboTax software.
- Partnerships/LLCs (form 1065)
- S corporations (form 1120S)
- Estates and trusts (form 1041)
You should be able to read the top of the form and determine which K-1 that you will be entering.
Please follow these directions.
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & Income.
- Under Your income and expenses, scroll down to S-corps, Partnerships, and Trusts and click the down arrow to the right.
- Select Start/Revisit to the right of Schedule K-1.
- At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received.
- For several screens, you will be entering data right off the K-1 form.