topic Form 1065 K-1 Part III box 4c in Get your taxes done using TurboTax

Form 1065 K-1 Part III box 4c

Joelle Hummel — Tue, 24 Mar 2020 06:17:52 GMT

Form 1065, Schedule K-1 Part III box 4c Total guaranteed payments!!!! This box is not appearing on my Turbo Tax Premier. I confirmed on IRS Publication : 2019 Partner's Instructions for Schedule K-1 (Form 1065) that this box is accurate. My question is this an error in Turbo Tax Premier???

Respectfully, Joelle hummel

Re: Form 1065 K-1 Part III box 4c

Irene2805 — Tue, 24 Mar 2020 15:32:09 GMT

Box 4c of the K-1 is simply the total guaranteed payments, the sum of boxes 4a and 4b. You do not have to enter this figure in the interview. TurboTax will do the math and the total will appear on box 4c of the actual K-1 form.

You can see this by going into Forms Mode:

Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.
In the Forms in My Return list on the left, click on K-1 partner (partnership name).
The form will open on the screen to the right.
You will see that box 4c is populated with the total guaranteed payments. [See screenshot below.]
To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.

Re: Form 1065 K-1 Part III box 4c

Joelle Hummel — Thu, 26 Mar 2020 17:21:15 GMT

Thank you so much for your quick response!!!!! I LOVE Turbo Tax and the support you all give to us that want to continue to learn the complex IRS taxation system. I have learned much from your system and reading IRA Publications as boring as they are. Have an Aloha Day and THANK YOU for ALL you do!!!

Re: Form 1065 K-1 Part III box 4c

StephenRVC — Sun, 29 Mar 2020 17:11:44 GMT

4a and 4b are not adding up for me. Anyone else having this problem? I tried re-downloading TurboTax, but the problem continues. See below. TurboTax will not let me make changes manually since 4c is in purple. Any thoughts?

Re: Form 1065 K-1 Part III box 4c

DavidS127 — Tue, 31 Mar 2020 13:14:36 GMT

The purple shading means "This information has supporting details". So, it appears to me that somehow additional information was entered related to box 4c that "zeroed out" the 4a and 4b entries you made.

If you are using the Download/CD version of TurboTax, go to Forms mode, find the K-1 Partner form in the left column, click on it and it will open in the window. Find the box 4c and click the + next to the box to open the supporting statement.

If you are using TurboTax Online, you may have to delete the K-1 and re-enter it to "purge" whatever found its way into that supporting statement.