final K-1

[KXBG4746]

I already entered my final schedule K-1 to turbo tax. The capital gain is one-time distribution (ending capital is 0).  I checked the box for this partnership (not PTP) ended during 2022.  But on my tax return 1040, the final K-1 box is not checked, and partnership ended in 2022 is not checked either. How do I make the box for final K-1 checked?

[Mike9241]

Federal schedule E has no box to indicate final k-1so I don't know where you are looking to see such a box

[KXBG4746]

So appreciate for your reply. It is not on federal schedule E. It is on the form call partner's share of income, credits, Deductions, etc. which for my records. Under FINAL K-1 AND AMENDED K-1 CHECKBOXES, the final K-1 box is not checked.

[AliciaP1 · Accepted solution]

You need to go back through your Schedule K-1 entry and mark that the partnership ended in 2022 on the Describe the Partnership screen.

You can get to the section to enter a Partnership K-1 in TurboTax Online by following these steps:

1. Sign in to your TurboTax
2. Open or continue  your return
   • Choose a section from the TurboTax menu and select Pick up where you left off
3. Using the search bar, type K-1 and select the Jump to link from the search results
   • Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
   • Select Revisit or Start next to Schedule K-1
4. Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
5. This will take you to the Schedules K-1 or Q screen
6. Continue to the Describe the Partnership screen and mark This partnership ended in 2022
7. Verify/enter the rest of your data from the form

To enter in TurboTax CD/Download:

1. Sign in to your TurboTax
2. Open or continue  your return
3. Using the search bar, type K-1 and select the Jump to link in the search results
4. This will take you to the Schedule K-1 and Schedule Q screen
   • Note: If the Jump to link doesn’t work, select Personal, then Personal Income
5. Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
6. Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
7. Answer Yes and follow the prompts
8. Continue to the Describe the Partnership screen and mark This partnership ended in 2022
9. Verify/enter the rest of your data from the form

@KXBG4746 

[KXBG4746]

Big help!  After reentering the K-1, I noticed I have to select "liquidation of the partnership interest" which led me to the final K-1, since it is one-time distribution and the partnership discontinued during 2022.