Schedule K-1 is used to report a beneficiary's share of the estate’s or trust’s income, credits, deductions, etc., on their Form 1040, U.S. Individual Income Tax Return.
The personal TurboTax products that support K-1's are:
Why is the form1040; Individual Sch K-1 Wks-Ests and Trusts not allowing me to efile my taxes???
You missed the point HelenC12. I have entered the information from my Sch K-1 Wks-Ests and Trusts, but Turbo Tax desktop says the form has not been approved for release at this time. Something doesn't sound right. This is holding me up from E-filing even though all the data has been entered. Is this a bug? When will this be fixed.
The following link will allow you to check form availability for both state and federal filings: When will my forms be ready?
I went thru your help stuff and got nothing. The forms list for TurboTax personal returns says the K-1s are available, but when I do the update I STILL can't get the K-1. How can I get the K-1 to actually download into my Deluxe program?
I'm having the same issue, and the only thing I have on the K-1 is $4 of interest! That's preventing me from filing. It looks like the form will be available on 2/25. If not, I may just delete the trust and add the interest on schedule B. Not sure if your issue is more complicated, but the IRS form was completed in December. It doesn't make sense that TT hasn't gotten it done yet.
LOL, I have two K-1s for a grand total of $2.00 interest. Hopefully we can file by Friday. What I don't understand is if it is a worksheet, and not the actual form, why would that hold up the filing?
The K-1s for partnerships and S-Corps are available. However, the K-1 for an estate/trust is not yet ready. It should be available later this week.
For current information on forms availability please click on the applicable link below:
TurboTax Online automatically updates the website when the forms become available.
In TurboTax CD/Download, you will be prompted to download any updates available when you open the program. You can also update the program while you have it open by following these steps:
Thanks, It says Sch K-1 should be available tomorrow 2/25. I sure hope so since it is holding up submissions and refunds
It's still not available. I guess when they say 2/25 they mean midnight? When will the form be ready?
I just checked and it's still not ready....this is extremely frustrating. It's not even a form, it's a worksheet that doesn't need to be filed. I received the K1 and the IRS had it completed months ago so what' the hold up!
Looks like TurboTax doesn't support State efile if you have to report income or expenses from a K1, but it does support Fed eFile according to their website. I'm in the same boat. Guess its' back to printing a large number of pages and mailing it to the state of California. Note: My son got the same K1 from the same trust and he can state efile because he is not reporting income or claiming any deductions. If you have a small deduction and a few dollars, maybe you don't take the deduction and efile instead. Hope this helps.
The form 1041 K1 is available in both the online product and the desktop product. The form 1041 K1 is used to report the beneficiary's share of Trust distributable net income. The income report to the beneficiary retains the same character as the income in the Trust. If the the trust has terminated, you can delete the K1 by clicking on delete.