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Level 3
posted Feb 28, 2023 5:09:05 PM

K-1 form

Hi there - My wife opened a business last year. She used H&R Block to file the tax return for her business and got a K-1 form (just like 1099-INT). My question is: Over the past years, we have been using TurboTax Premier (we have stock investments). Can we still use TurboTax Premier for our personal income tax return this year? If so, how shall we input the income numbers on the K-1 form? Thank you!

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1 Replies
New Member
Feb 28, 2023 5:27:12 PM

Yes you can use Turbotax Premier, you'll capture your K-1 income just as you would W-2 income, interest, dividends, etc.  Turbotax will prompt you to describe if it's an S-Corp, LLC, etc. and then capture each element of the K1, including whether the business qualifies for a QBI deduction on income.