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Huxley
Returning Member

1020S K1 line items numbers off

When entering amounts from my K1 they do not correspond to the line in Turbo Tax. OIn my form line 4 is interest income- it is on line 5 in Turbo  tax. Line 11 is section 179 Deduction- in Turbo tax it is asking for a letter code ( none of which is Secion 179).

Is my form off or is Turbo Tax off? I entered an other K1 back in April and I think Turbo Tax corresponded. So I am guessing there has been an update by Intuit causing the problem.

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1020S K1 line items numbers off

You might have picked the wrong kind of K-1.   Delete this one and start it over.

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Scroll down to S-corps, Partnerships, and Trusts or to Business items

Schedules K-1, Q - Click the Start or Update button

 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

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