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?
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.
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.
The results of your entries would, of course, be included in Form 1040.
That is the problem. I was able to enter half a dozen of K-1 in TT Basic. TT did populate schedule E, page 2; Form 8995 and 8582, but did not populate Schedule 1 and hence 1040 is also not populated. Any idea whey?
Sure. The software has not yet determined that your entries, thus far, have impacted any of the data fields on Form1040.
1) That may be true. In that case I was expecting TT to put 0 (zero) in 1040 in the appropriate line. Without that there is no way for me to tell if TT processed all my entered data in K-1.
2) For now if I assume TT has processed my losses but the loss is not deductible this year, may be next year. In that case, next year when I file the tax using TT, would then TT will take into account all carry forward loses?
1) Zero (0) and blank are equivalent.
2) I have found TurboTax to be dependable in "remembering" carry forwards from year to year.