final K-1

Forum|Forum|3 years ago
April 13, 2023
1 reply
13 views

I already entered my final schedule K-1 to turbo tax. The capital gain is one-time distribution (ending capital is 0). I checked the box for this partnership (not PTP) ended during 2022. But on my tax return 1040, the final K-1 box is not checked, and partnership ended in 2022 is not checked either. How do I make the box for final K-1 checked?

Best answer by AliciaP1

You need to go back through your Schedule K-1 entry and mark that the partnership ended in 2022 on the Describe the Partnership screen.

You can get to the section to enter a Partnership K-1 in TurboTax Online by following these steps:

Sign in to your TurboTax
Open or continue your return
- Choose a section from the TurboTax menu and select Pick up where you left off
Using the search bar, type K-1 and select the Jump to link from the search results
- Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
- Select Revisit or Start next to Schedule K-1
Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
This will take you to the Schedules K-1 or Q screen
Continue to the Describe the Partnership screen and mark This partnership ended in 2022
Verify/enter the rest of your data from the form

To enter in TurboTax CD/Download:

Sign in to your TurboTax
Open or continue your return
Using the search bar, type K-1 and select the Jump to link in the search results
This will take you to the Schedule K-1 and Schedule Q screen
- Note: If the Jump to link doesn’t work, select Personal, then Personal Income
Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
Answer Yes and follow the prompts
Continue to the Describe the Partnership screen and mark This partnership ended in 2022
Verify/enter the rest of your data from the form

@KXBG4746

Mike9241

Level 15

Federal schedule E has no box to indicate final k-1so I don't know where you are looking to see such a box

Mike9241

KXBG4746Author

Level 2

So appreciate for your reply. It is not on federal schedule E. It is on the form call partner's share of income, credits, Deductions, etc. which for my records. Under FINAL K-1 AND AMENDED K-1 CHECKBOXES, the final K-1 box is not checked.

AliciaP1Answer

Level 13

You need to go back through your Schedule K-1 entry and mark that the partnership ended in 2022 on the Describe the Partnership screen.

You can get to the section to enter a Partnership K-1 in TurboTax Online by following these steps:

Sign in to your TurboTax
Open or continue your return
- Choose a section from the TurboTax menu and select Pick up where you left off
Using the search bar, type K-1 and select the Jump to link from the search results
- Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
- Select Revisit or Start next to Schedule K-1
Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
This will take you to the Schedules K-1 or Q screen
Continue to the Describe the Partnership screen and mark This partnership ended in 2022
Verify/enter the rest of your data from the form

To enter in TurboTax CD/Download:

Sign in to your TurboTax
Open or continue your return
Using the search bar, type K-1 and select the Jump to link in the search results
This will take you to the Schedule K-1 and Schedule Q screen
- Note: If the Jump to link doesn’t work, select Personal, then Personal Income
Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
Answer Yes and follow the prompts
Continue to the Describe the Partnership screen and mark This partnership ended in 2022
Verify/enter the rest of your data from the form