topic Does turbo tax basic process K-1? in Get your taxes done using TurboTax

Does turbo tax basic process K-1?

Munzer1 — Tue, 10 Mar 2026 04:51:46 GMT

1) Would turbo tax (TT) basic allow me to enter K-1 that I have received from multi-partnership rental partner? I am passive investor.

2) Would TT then automatically populate form 8825, 4562, 8582, 8995, and Schedule 1 and E?

3) Would TT then transfer the above mentioned data to form 1040?

4) Using TT Basic I was able to enter all K-1 data but TT basic did not populated any of the forms mentioned in item 2 and 3 above. What is wrong with TT basic?

Re: Does turbo tax basic process K-1?

Mike18181 — Fri, 13 May 2022 03:41:58 GMT

Suggest you start over and re-enter your K-1 data. All versions of Turbo Tax 2021 should transpose resulting figures to all the appropriate forms for you. That has been my experience.

Re: Does K-1 data flow from from K-1 to 1040 in turbo tax basic?

Munzer1 — Fri, 13 May 2022 03:46:11 GMT

You wrote: "All versions of Turbo Tax 2021 should transpose resulting figures to all the appropriate forms for you."

"Appropriate" is too broad.

Does it flow to 1040 or not?

Correct me if I am wrong, form 1040 is the final one. If profit/income or loss is not on form 1040 then the tax is applicable.

Re: Does K-1 data flow from from K-1 to 1040 in turbo tax basic?

Mike18181 — Fri, 13 May 2022 03:52:09 GMT

The results of your entries would, of course, be included in Form 1040.

Re: Does K-1 data flow from from K-1 to 1040 in turbo tax basic?

Munzer1 — Fri, 13 May 2022 03:58:49 GMT

That is the problem. I was able to enter half a dozen of K-1 in TT Basic. TT did populate schedule E, page 2; Form 8995 and 8582, but did not populate Schedule 1 and hence 1040 is also not populated. Any idea whey?

Re: Does K-1 data flow from from K-1 to 1040 in turbo tax basic?

Mike18181 — Fri, 13 May 2022 04:06:47 GMT

Sure. The software has not yet determined that your entries, thus far, have impacted any of the data fields on Form1040.

Re: Does K-1 data flow from from K-1 to 1040 in turbo tax basic?

Munzer1 — Fri, 13 May 2022 04:23:41 GMT

1) That may be true. In that case I was expecting TT to put 0 (zero) in 1040 in the appropriate line. Without that there is no way for me to tell if TT processed all my entered data in K-1.

2) For now if I assume TT has processed my losses but the loss is not deductible this year, may be next year. In that case, next year when I file the tax using TT, would then TT will take into account all carry forward loses?

Re: Does K-1 data flow from from K-1 to 1040 in turbo tax basic?

Mike18181 — Fri, 13 May 2022 04:38:58 GMT

1) Zero (0) and blank are equivalent.

2) I have found TurboTax to be dependable in "remembering" carry forwards from year to year.

Re: Does K-1 data flow from from K-1 to 1040 in turbo tax basic?

Munzer1 — Fri, 13 May 2022 04:50:33 GMT

OK, thank you for your help.

Re: Does K-1 data flow from from K-1 to 1040 in turbo tax basic?

Critter-3 — Fri, 13 May 2022 12:08:00 GMT

"TT did populate schedule E, page 2; Form 8995 and 8582"

That is all that is required ... if none of the passive losses are allowed from the 8582 then nothing will be on the Sch 1. The program is working properly.