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Level 1
June 17, 2020
Solved

Form K-1

  • June 17, 2020
  • 2 replies
  • 3 views

All the forgoing related to 2019 taxes.  I manage an estate and use TurboTax Business to prepare the estate return.  Distributions are made to beneficiaries (I, too, am a beneficiary) and Form K-1s are generated to provide to each beneficiary.  TurboTax Business K-1s generates in Block 14 (Other Information), among other things, a code "I" with an asterisk to "See attached statement for additional information."  When printing the K-1s for beneficiaries, the "attached statement" is not included with the K-1 and I must manually print it and pair with each respective K-1.  When incorporating the estate-generated K-1 in my personal tax return (I use TurboTax Deluxe for my personal return), all goes well except TurboTax Deluxe flags an error after entering the TurboTax Business K-1 block 14, code "I" info without a numerical value (i.e., it won't allow me to point to a statement page.)  How can I reconcile this disconnect between TurboTax Business and TurboTax Deluxe versions and successfully gate the error?

Best answer by Anonymous_

@hworde wrote:

How can I reconcile this disconnect between TurboTax Business and TurboTax Deluxe versions and successfully gate the error?


You need to enter the figure from the attached statement in 14(I); the program will not accept an asterisk or any other symbol (you must enter a numerical value).

2 replies

Level 15
June 17, 2020

@hworde wrote:

How can I reconcile this disconnect between TurboTax Business and TurboTax Deluxe versions and successfully gate the error?


You need to enter the figure from the attached statement in 14(I); the program will not accept an asterisk or any other symbol (you must enter a numerical value).

June 18, 2020

14I is section 199A info.  on the k-1 in your 1040 return, there should be a quick zoom link.  if not you may have to upgrade.