topic Re: K-1 in Get your taxes done using TurboTax

K-1

rogayers — Fri, 23 Oct 2020 22:10:00 GMT

I entered the income from a K-1 on the "Enter Box 1 Info" form for 2019. However, this income and other data does not show up in the Summary of K-1s ( I have 4 of them to report). I don't understand.

Re: K-1

Anonymous_ — Fri, 23 Oct 2020 22:29:06 GMT

@rogayers wrote:

I entered the income from a K-1 on the "Enter Box 1 Info" form for 2019. However, this income and other data does not show up in the Summary of K-1s ( I have 4 of them to report). I don't understand.

The K-1 summary screen typically shows "$0" because the entries from your K-1(s) are distributed to the appropriate schedules and forms on your return.

For example, interest and dividends would appear on Schedule B while capital gains would generally appear on Schedule D.

Re: K-1

ssunshine007 — Tue, 27 Oct 2020 07:44:17 GMT

I don’t understand any of it either. My friend said she had a friend that works for H&R Block and she would happily do this for me. I gave her all my information That she needed.

Re: K-1

Anonymous_ — Tue, 27 Oct 2020 12:58:08 GMT

@ssunshine007

Ultimately, the program does the work for you; there is no need to be concerned about what is shown in the summary window.

Re: K-1

dogara37 — Tue, 16 Feb 2021 20:26:12 GMT

I entered 2 K-1's om Turbo Tax Delux but the amounts are not reflected in the Income Summary

Re: K-1

Anonymous_ — Tue, 16 Feb 2021 20:30:04 GMT

@dogara37 Please read the recommended answer.

Re: K-1

jago1 — Mon, 15 Mar 2021 14:37:04 GMT

I have a k-1 that has ended. Where on turbo tax can you do a summary of the cost basis and distributions?

Re: K-1

VickieB — Tue, 30 Mar 2021 18:05:39 GMT

I have a K-1 to enter. Where do I do this? What version of TurboTax do I need?

Re: K-1

DaveF1006 — Tue, 30 Mar 2021 18:28:48 GMT

To enter your K-1 information, you need to have Turbo Tax Premier or Self-employed/Home and Business for the software version. To enter in Turbo Tax online:

Log into or open Turbo Tax
Go to federal>income and expenses>S-corps, Partnerships, and Trusts>sow more
Schedule K-1>start

If in Turbo Tax Software

Open Turbo Tax
Go to Federal Taxes>Wages and Income>choose what you work on
Business Items>Schedules K-1

Re: K-1

Steve10S — Wed, 16 Nov 2022 21:29:49 GMT

What if the K-1 form is for an investment in an IRA? Is this still a taxable event?

Re: K-1

Mike9241 — Wed, 16 Nov 2022 21:33:50 GMT

if the IRA owns the investment for which the k-1 was issued, you do not report it on your 1040.

warning

if there's code V in box 20 and the amount is over $1,000 the IRA was supposed to file form 990-T with the IRS.