Please follow these steps to enter your K-1. You may want to delete the K-1 and start over with these steps:
- Sign in to your TurboTax account and continue to your return
- In the search bar, enter Schedule K-1, then select the Jump-to link in the search results
- If the Jump to link doesn’t work, select the Federal tab, then Wages & Income (Income & Expenses for TurboTax Self-employed)
- Under S-corps, Partnerships, and Trusts, select Revisit or Start next to Schedule K-1
- Answer Yes to the questions Did you receive any Schedules K-1 or Q?
- On the Tell Us about your schedules K-1 screen, select Update if you're adding info to a K-1 you've already entered, or if you need to add another K-1 to an existing entity type
- Continue through the interview until you get to the screen, Checkboxes that have an amount for Trusts or are checked on the form
- Check the appropriate box for your form and select Continue
- On the next screen, enter the code (Z, V, or I) and amount from your K-1
- Continue answering the interview questions until you get to the screen, We see you have Section 199A income. Select the source of income and Continue.
- Check any applicable boxes on the screen, We need some information about your 199A income.
- Only enter amounts from your Section 199A Statement, not any of the other boxes on the K-1 form. When you check the box next to a line, an additional box will open where you can enter the amount from your Section 199A Statement for that line.
- Select Continue, and you’ll see the screen, Let’s check for uncommon adjustments. Enter a value(s) on Statement A that need to be changed and/or any business income received from a specified agricultural or horticulture cooperative on Statement C.
Schedule K-1
@Larry Wayne
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