2025 Utah TC 20 schedule K-1

[amyonghwee]

I am a CA non-resident and a UT resident. I received a Utah TC 20 schedule K-1, which has a ordinary business loss of $2532. When I am entering data for Utah, turbotax [1] did not ask me to enter any schedule K-1 or [2] there is any field where I can click on schedule K-1. Very different from Federal returns which has both of these features. Can someone pls help?

[PatriciaV · Accepted solution]

Do you need to adjust the income reported on Schedule K-1 (Utah)? If not, the loss from the K-1 is included in the federal income transferred to your Utah return and would be shown on Form TC-40.

If you do need to enter information from the Utah K-1 that changes the amounts on the federal K-1, return to the Utah interview under "State Taxes." Look for pages for "Items Taxed by Utah" or "Items Not Taxes by Utah." These topics will provide boxes for the adjustment amounts you need to make.

[andyvu2002]

Hello,

For the past three years, I manually entered my tax information related to my shares in Enterprise Products Partners L.P. into TurboTax. However, just recently, I learned that instead of entering the data manually, I can download the tax package as a TXF file to my computer and import it directly into TurboTax.

After importing the TXF file, I went to the Federal Taxes section in TurboTax. From there, I selected Wages & Income, then Business Items, and clicked on Schedule K-1 to input the necessary information.

Under the Partnerships/LLC section (Form 1065), I clicked on Update and reviewed the relevant information for the Schedule K-1.

After importing the TXF file, I noticed that there are two entries for Enterprise Products Partners L.P.—one for last year and the other for the current year, even though I only expected one entry.

I verified the data from the file I just imported, and everything was entered correctly. However, when I compared it with the old file from last year, I noticed that the old file includes Report Carryovers—Regular Tax, Report Other AMT Carryovers, and Report Qualified Business Income (QBI) Carryovers, but the new file does not contain this information.

My question is whether I should delete the old file and start using the new file going forward, so I can simplify the process and just import the data each year. I want to make sure that by using the new file, I won’t miss any important carryover details that could affect my taxes. Alternatively, should I continue using the old file to ensure those carryovers are properly accounted for?

Thank you

[AmyC]

The old file contains important entries. You must keep up with the AMT, carryovers, etc. You need to get this year's tax return accurate and decide which method is best for you moving forward. You were smart to compare and see the issues. Things change and the best method might be something new next year.

I want to urge you to create a financial notebook that is kept separate from your tax return. Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, your  carryover information, and proof of your basis in your various investments. You must keep tax records  from the time you purchase until sold/ loss used plus 3 years. It is very easy to lose track of disallowed losses, carryforwards,  and basis. This can be a digital or paper notebook.