topic Form K-1 in Get your taxes done using TurboTax

Form K-1

hworde — Wed, 17 Jun 2020 20:43:03 GMT

All the forgoing related to 2019 taxes. I manage an estate and use TurboTax Business to prepare the estate return. Distributions are made to beneficiaries (I, too, am a beneficiary) and Form K-1s are generated to provide to each beneficiary. TurboTax Business K-1s generates in Block 14 (Other Information), among other things, a code "I" with an asterisk to "See attached statement for additional information." When printing the K-1s for beneficiaries, the "attached statement" is not included with the K-1 and I must manually print it and pair with each respective K-1. When incorporating the estate-generated K-1 in my personal tax return (I use TurboTax Deluxe for my personal return), all goes well except TurboTax Deluxe flags an error after entering the TurboTax Business K-1 block 14, code "I" info without a numerical value (i.e., it won't allow me to point to a statement page.) How can I reconcile this disconnect between TurboTax Business and TurboTax Deluxe versions and successfully gate the error?

Re: Form K-1

Anonymous_ — Wed, 17 Jun 2020 21:31:19 GMT

@hworde wrote:

How can I reconcile this disconnect between TurboTax Business and TurboTax Deluxe versions and successfully gate the error?

You need to enter the figure from the attached statement in 14(I); the program will not accept an asterisk or any other symbol (you must enter a numerical value).

Re: Form K-1

Anonymous — Thu, 18 Jun 2020 01:30:05 GMT

14I is section 199A info. on the k-1 in your 1040 return, there should be a quick zoom link. if not you may have to upgrade.