K-1's

[Johnsro12]

Hello,

I have a Partnership that have multiple K-1 rolling up to it.   How do I get Turbo Tax to print the multiple activities on the individuals K-1s for the partners?

Thank you,

Ron

[JohnB5677]

If you are asking how to prepare K-1s for partners it would require TurboTax Business software.

[Johnsro12]

I'm using the Business Turbo Tax, I can't get the detailed of the activities to show up as a schedule to the Partners Returns.  I believe it is required to report the activities.

[PatriciaV · Accepted solution]

You can add specific information for multiple activities in TurboTax business as follows:

1. Click the Forms icon.
2. Find Form 1065 p5-6 in the forms list.
3. Click the form name to open it in the large window.
4. Check the boxes on Lines 1 and 2 under the dark arrow to add and "*" on Schedules K-1.
5. Now open each Schedule K-1 (Partner).
6. Scroll down below Line 23 and enter a description and amount for the details needed for each activity.

This will add a second page of "Supplemental Information" to Schedule K-1.

[Johnsro12]

It's frustrating because this holding GP has about 15 k-1's that roll up, but there's no way to automatically show these activities on the individual k-1 without manually inputting them?

[PatriciaV · Accepted solution]

At this time, TurboTax Business does not automatically report multiple activities for Schedule K-1. 

However, once you have triggered the "Supplemental Information" section on Form 1065 p5-6, you can prepare a list of activities in any form you wish. Then attach your custom information page to each K-1 as it is sent to the partner.