k-1

Forum|Forum|5 years ago
March 31, 2021
1 reply
7 views

finished my taxes but did not file yet.

good thing because my accountant doing my father's final estate tax return told me there was a k-1 form that needed to be entered -

what screen or page do i entre it in turbo tax?

thanks in advance.

Best answer by ColeenD3

Schedule K-1s are issued by pass-through entities (partnerships, S corporations, estates, trusts, and LLCs). These entities don't pay income tax on the profits and losses that are "passed through" to their partners, owners, shareholders, or beneficiaries on Schedule K-1. The recipients then report the K-1 on their own personal tax returns.

Your K-1 may not arrive until March, April, or even later. This is because the pass-through entity needs to complete their tax return before they can distribute K-1s.

For TurboTax Online

If you haven't filed yet:

Sign in and open your return by selecting Pick up where you left off under a section.
Search for K-1 and select the Jump to link at the top of the search results.
This will take you to the Schedules K-1 or Q screen.
Answer Yes and follow the prompts. You may be prompted to upgrade to Premier, if you're not already using it.
We’ll ask some questions about your K-1, and then you’ll enter the data from the form.

ColeenD3Answer

Level 15

Your K-1 may not arrive until March, April, or even later. This is because the pass-through entity needs to complete their tax return before they can distribute K-1s.

For TurboTax Online

If you haven't filed yet:

Sign in and open your return by selecting Pick up where you left off under a section.
Search for K-1 and select the Jump to link at the top of the search results.
This will take you to the Schedules K-1 or Q screen.
Answer Yes and follow the prompts. You may be prompted to upgrade to Premier, if you're not already using it.
We’ll ask some questions about your K-1, and then you’ll enter the data from the form.