Form 1041 Schedule k1

Forum|Forum|6 years ago
March 9, 2020
5 replies
43 views

How do I enter information from Schedule K1 form 1041 (Line 11 Final year deductions A-Excess deduction and B-Short term capital loss carryover) into my Turbo Tax?

ThomasM125

Level 15

To enter a trust K-1 into TurboTax, please follow these instructions:

1. Go to the "Federal" section of TurboTax

2. Choose "Income and Expenses"

3. Find the "Business and Investment and Estate/Trust Income" section

4. Click on the "Start" option to the right of "Schedule K-1" and work through that section to enter your schedule K-1 from form 1041

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

taxchallenged2

Level 2

I am using Turbotax Premier, which I purchased and download from Amazon today.

When I click on Federal, it bring up:

Wages and Income

Deductions and Credits

Other Tax Situations

Federal Review

Smart Check

Which do I select to start entering information from a Schedule K-1 1041 form (income from a trust). I've been tearing my hair out trying to get it entered in the only place I could clearly see the words "Schedule K-1" and that was under the "Business Items" section, and it's listed as "Schedule K-1, Q".

The steps you list don't correspond with what I see on "Your 2019 Income Summary" screen. I should note I've already entered all my elderly mothers income except from my late step-father's estate and her stocks and bonds (I will import that information later).

Please help me with this.