How to enter K-1 info for Kentucky taxes

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..

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?

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.  

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

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

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.

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

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