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Level 2

Question

Does turbo tax basic process K-1?

Forum|Forum|4 years ago
May 13, 2022
1 reply
12 views

1) Would turbo tax (TT) basic allow me to enter K-1 that I have received from multi-partnership rental partner? I am passive investor.

2) Would TT then automatically populate form 8825, 4562, 8582, 8995, and Schedule 1 and E?

3) Would TT then transfer the above mentioned data to form 1040?

4) Using TT Basic I was able to enter all K-1 data but TT basic did not populated any of the forms mentioned in item 2 and 3 above. What is wrong with TT basic?

TurboTax Basic Windows

Level 2

Suggest you start over and re-enter your K-1 data. All versions of Turbo Tax 2021 should transpose resulting figures to all the appropriate forms for you. That has been my experience.

Level 2

You wrote: "All versions of Turbo Tax 2021 should transpose resulting figures to all the appropriate forms for you."

"Appropriate" is too broad.

Does it flow to 1040 or not?

Correct me if I am wrong, form 1040 is the final one. If profit/income or loss is not on form 1040 then the tax is applicable.

Level 2

The results of your entries would, of course, be included in Form 1040.