If I have a relatively simple K-1 from a trust can I still use Turbotax Deluxe for filing my 2016 tax return?

[sarahrdf1959]

The K-1 will likely include interest, tax-exempt interest, interest dividends, and a gain/loss on sale of a mutual fund.

[Anonymous_ · Accepted solution]

"If I have a relatively simple K-1 from a trust can I still use Turbotax Deluxe"

No, not the online version of TurboTax Deluxe. In order to enter information from a K-1 (even a simple K-1) with an online version of TurboTax, you will need at least TurboTax Premier. 

You can, however, enter information from a K-1 with any desktop (CD/Download) version of TurboTax.

[Eduardo Tovar]

How do I enter a K-1 on turbo tax deluxe desktop version?  TY

[DoninGA]

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@Eduardo Tovar wrote:

How do I enter a K-1 on turbo tax deluxe?  TY

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The TurboTax online web-based edition of Deluxe does not support entry of a Schedule K-1, you would need to upgrade to the Premium edition.

To enter a Schedule K-1

Click on Federal
Click on Wages & Income
Scroll down to S-corps, Partnerships, and Trusts
On Schedule K-1, Q, click on the start or revisit button

[Eduardo Tovar]

I have the desktop deluxe version where do I enter the info please

[DoninGA]

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@Eduardo Tovar wrote:

I have the desktop deluxe version where do I enter the info please

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To enter a Schedule K-1

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items
On Schedule K-1, click on the start or update button

[Eduardo Tovar]

Can this be done in the Deluxe version?

[DoninGA]

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@Eduardo Tovar wrote:

Can this be done in the Deluxe version?

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Yes, the Deluxe desktop CD/Download edition supports entry of a Schedule K-1.  I gave you the procedure in my prior post above 2 hours ago.