topic Upgrade to Turbo Tax business. in Business & farm

Upgrade to Turbo Tax business.

Starsh01 — Sun, 14 Mar 2021 17:25:56 GMT

I have a K-1 from an S corp and a K-1 from an estate. How do I upgrade from Turbo Tax Home & Business to Turbo tax Business?

Re: Upgrade to Turbo Tax business.

VolvoGirl — Sun, 14 Mar 2021 17:29:14 GMT

Wait.......Do you need to prepare the S corp and Estate tax returns? Or just enter the K-1 you received into your personal return? You don't need the Business program to enter a K-1. All the Desktop programs have K-1 entry. In the Online version you need Premier or the Self Employed version.

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.

Re: Upgrade to Turbo Tax business.

Starsh01 — Wed, 17 Mar 2021 16:21:11 GMT

Hi. It turns out that my download of TurboTax Home & Business did not include a Section for K-1's. I had to call for assistance and have the program downloaded again.