Do you know what kind of K-1 you are using? There are three different kinds of K-1’s that can be entered into TurboTax software.
- Partnerships/LLCs (form 1065)
- S corporations (form 1120S)
- Estates and trusts (form 1040)
You should be able to read the top of the form and determine which K-1 that you will be entering.
I think that you are asking about S corporations (form 1120S). If so, in TurboTax Online, follow these directions.
- Down the left side of the screen, click on Federal.
- Across the top of the screen, click on Wages & Income.
- Under Your income, scroll down to Schedule K-1 and click Edit/Add to the right.
- At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received.
- For several screens, you will be entering data right off the K-1 form.
K-1 1120S box 17 information is entered under code V. If the K-1 has no dollar amount, the Section 199A income should be on an attached statement.
At the screen We see you have Section 199A income I suspect that you will choose The income comes from the S corporation that generated this K-1.
At the screen We need some information about your 199A income, you will likely enter:
- an income line,
- a W-2 wage line and
- a UBIA of qualified property line.
Hopefully this information is on an attached statement if the information is not listed on the K-1 itself.
You will to reach the screen Great news! You get a tax break if you qualify for a qualified business income deduction.
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