I generally need to file an extension because K1 forms haven't arrived in time for April 15. Can I tell Turbotax to use last year's K1 info in order to estimate if I need to send a payment with my extension? That would be really useful - copy last year's K1 data and flag it as 'needs review' as with other info copied from last year's return.
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At this time, the Schedule K-1 section of TurboTax is not available for entry. For this reason, you wouldn't be able to enter last year's K-1 information to use for estimating your tax liability.
However, you could enter the taxable income from the prior year K-1 under Other Common Income (without a 1099) and see how that affects your tax due. Just remember to delete this information when you enter the current year K-1.
Finally, if the K-1 income is a very small portion of your total income, you won't incur an underpayment penalty if you paid 90% of your estimated tax or 100% of the tax shown on your 2022 return.
why isn't k1 available for entry?
The K-1 section in TurboTax is unavailable due to working on updates for recent tax law changes.
If you go to the K-1 section in your return and indicate which type of K-1 you need to enter, there should be a link to use where you can enter your email address to be notified when the section is ready.
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