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
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.
The easiest way to enter your Schedule K-1 are as follows:
@RFJ @taxchallenged2
Thank you for your reply. Had had entered the K-1 information, but didn't realize on the income summary page it would show up in the 1099-int and 1099-div areas.