topic Will Turbotax deal with income on K1 forms? in Business & farm

Will Turbotax deal with income on K1 forms?

bbwise21 — Wed, 30 Dec 2020 19:35:46 GMT

I own shares in several publicly traded companies that report income and losses on K1s. Examples are ETP and ET.

Re: Will Turbotax deal with income on K1 forms?

VolvoGirl — Wed, 30 Dec 2020 19:37:30 GMT

Yes. You need Online Premier to enter K-1. Or any Desktop program.

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down to Business items

Schedules K-1, Q - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

Enter each k-1 separately.

ps....you don't enter K-1s you get for IRA, 401K or retirement accounts.

Re: Will Turbotax deal with income on K1 forms?

Anonymous_ — Wed, 30 Dec 2020 19:39:38 GMT

Yes, but you will have to use TurboTax Premier or Self-Employed if you plan to use an online version.

Any desktop version can be used to input information from a K-1 since desktop versions include all of the forms and schedules.

Re: Will Turbotax deal with income on K1 forms?

DoninGA — Wed, 30 Dec 2020 19:38:50 GMT

If you are using the TurboTax online editions you will need either the Premier or the Self-Employed edition depending on the type of Schedule K-1 is being used - https://turbotax.intuit.com/personal-taxes/online/

Any of the TurboTax desktop CD/Download editions can be used to enter a Schedule K-1 - https://turbotax.intuit.com/personal-taxes/cd-download/