How to enter K-1 info for Kentucky taxes

[taxlady61]

I need help with adding info in for the Kentucky Tax return 740 for a Schedule K-1.

[Irene2805]

If you received a K-1 for KY, in addition to the federal K-1, compare the two forms and TurboTax will ask you about any adjustments needed on the KY return.

1.   As you go through the interview for KY, you will come to a screen, Kentucky Schedules K-1 (Additions). 

• If the income amount listed on the KY K-1 is higher, click Yes.
• If the income amount listed on the KY K-1 is lower or the same, click No.

2.   Enter any additions.

3.   You will then come to Kentucky Schedules K-1 (Subtractions)

• If the income amount listed on the KY K-1 is lower, click Yes.
• If the income amount listed on the KY K-1 is higher or the same, click No.

4.  Enter any subtractions..

[markleventhal]

I'm unclear by what is meant by a "KENTUCKY" K1. I manage several partnerships and the address on them is in Kentucky. They own real estate in several states but none are in Kentucky. Are they Kentucky K1s?

[thomas6266]

Are these referring to the distributions in section A line 20 of the KENTUCKY K-1 (form PTE) and the Part III box 19 of the K-1 (1065)?  Kentucky has changed the form for General Partnerships this year.  

[markleventhal]

Thanks for your reply. No, my situation is a loss on a shareholder's K1

[markleventhal]

from a federal K1, domiciled in Kentucky. There are 25 shareholder and I am the only one in KY

[DanielV01]

It is very possible that the partnership may need to re-do the return to generate the KY K-1.  And maybe not.  Kentucky does not conform to Federal calculations on certain categories, so a KY K-1 reports those differences.  There's no way to know in this public forum whether or not you need a KY K-1 or should have received one and did not.  Contact your Partnership's administrator to find out that information.  But if you do not need a KY K-1, you should be able to skip through that section, because that would mean there is no difference between the Federal and KY way of counting the income.

[mikejstein]

I never came across the Kentucky Schedules K-1 (Additions) screen as you stated... How do I do this? 

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