topic Re: K1 data entry in Get your taxes done using TurboTax

K1 data entry

michaelruns26.2 — Sat, 21 Mar 2020 21:09:03 GMT

1) There are zero amounts for several boxes on my K1, but explanatory letters are provided. When entering information for Turbotax do I leave the box blank or enter the letter with a zero amount

2) I believe IRA and Keogh and medical insurance deductions are entered in box 13. Is this correct? If so, what is the code? If not, where is the data entered?

Re: K1 data entry

DianeC958 — Sun, 22 Mar 2020 15:33:01 GMT

Often when there are explanatory letters provided, you have other information that is attached to your K-1 with more information about those codes and their amounts. If this is not the case leave the boxes blank. Putting zeros in boxes can lead to issues in the review process.

Yes, that information is in Box 13 for form 1065 K-1. The code for Medical Insurance is Code M. For Retirement Plans the code is R.

Re: K1 data entry

michaelruns26.2 — Sun, 22 Mar 2020 23:04:04 GMT

Thank you for your assistance

As examples:

Box 11 Other Income

A 0

F (there is no amount entered)

Box 17 (AMT)

A 0

B 0

If I understand you, all should be left blank in TT

Re: K1 data entry

Irene2805 — Mon, 23 Mar 2020 16:00:50 GMT

That's correct -- leave them blank. Actually, don't even enter that you have amounts for Boxes 11 and 17. Then the entry screen for he code won't generate.