topic Form 1041 Schedule k1 in Get your taxes done using TurboTax

Form 1041 Schedule k1

RFJ — Mon, 09 Mar 2020 02:22:48 GMT

How do I enter information from Schedule K1 form 1041 (Line 11 Final year deductions A-Excess deduction and B-Short term capital loss carryover) into my Turbo Tax?

Re: Form 1041 Schedule k1

ThomasM125 — Mon, 09 Mar 2020 02:49:39 GMT

To enter a trust K-1 into TurboTax, please follow these instructions:

1. Go to the "Federal" section of TurboTax

2. Choose "Income and Expenses"

3. Find the "Business and Investment and Estate/Trust Income" section

4. Click on the "Start" option to the right of "Schedule K-1" and work through that section to enter your schedule K-1 from form 1041

Re: Form 1041 Schedule k1

taxchallenged2 — Sun, 22 Mar 2020 03:42:36 GMT

I am using Turbotax Premier, which I purchased and download from Amazon today.

When I click on Federal, it bring up:

Wages and Income

Deductions and Credits

Other Tax Situations

Federal Review

Smart Check

Which do I select to start entering information from a Schedule K-1 1041 form (income from a trust). I've been tearing my hair out trying to get it entered in the only place I could clearly see the words "Schedule K-1" and that was under the "Business Items" section, and it's listed as "Schedule K-1, Q".

The steps you list don't correspond with what I see on "Your 2019 Income Summary" screen. I should note I've already entered all my elderly mothers income except from my late step-father's estate and her stocks and bonds (I will import that information later).

Please help me with this.

Re: Form 1041 Schedule k1

LinaJ2020 — Sun, 22 Mar 2020 18:43:32 GMT

The easiest way to enter your Schedule K-1 are as follows:

Open up your program
To the right upper corner, in the search box, type in "schedule k1" and Enter
Select Jump to schedule k1
Follow prompts

@RFJ @taxchallenged2

Re: Form 1041 Schedule k1

taxchallenged2 — Sun, 22 Mar 2020 20:04:17 GMT

Thank you for your reply. Had had entered the K-1 information, but didn't realize on the income summary page it would show up in the 1099-int and 1099-div areas.

Re: Form 1041 Schedule k1

rwsymonds9800 — Sat, 04 Mar 2023 23:07:16 GMT

You might want to review these steps the do now work. the 2023 version is completely different.