K-1

[rogayers]

I entered the income from a K-1 on the "Enter Box 1 Info" form for 2019.  However, this income and other data does not show up in the Summary of K-1s ( I have 4 of them to report).  I don't understand. 

[Anonymous_ · Accepted solution]

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@rogayers wrote:

I entered the income from a K-1 on the "Enter Box 1 Info" form for 2019.  However, this income and other data does not show up in the Summary of K-1s ( I have 4 of them to report).  I don't understand. 

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The K-1 summary screen typically shows "$0" because the entries from your K-1(s) are distributed to the appropriate schedules and forms on your return.

For example, interest and dividends would appear on Schedule B while capital gains would generally appear on Schedule D.

[ssunshine007]

I don’t understand any of it either. My friend said she had a friend that works for H&R Block and she would happily do this for me. I gave her all my information That she needed.

[Anonymous_]

 @ssunshine007 

Ultimately, the program does the work for you; there is no need to be concerned about what is shown in the summary window.

[dogara37]

I entered 2 K-1's om Turbo Tax Delux but the amounts are not reflected in the Income Summary

[Anonymous_]

@dogara37 Please read the recommended answer.

[jago1]

I have a k-1 that has ended.  Where on turbo tax can you do a summary of the cost basis and distributions?

[VickieB]

I have a K-1 to enter.  Where do I do this?  What version of TurboTax do I need?

[DaveF1006]

To enter your K-1 information, you need to have Turbo Tax Premier or Self-employed/Home and Business for the software version. To enter in Turbo Tax online:

1. Log into or open Turbo Tax
2. Go to federal>income and expenses>S-corps, Partnerships, and Trusts>sow more
3. Schedule K-1>start

If in Turbo Tax Software

1. Open Turbo Tax
2. Go to Federal Taxes>Wages and Income>choose what you work on
3. Business Items>Schedules K-1

[Steve10S]

What if the K-1 form is for an investment in an IRA? Is this still a taxable event?

[Mike9241]

if the IRA owns the investment for which the k-1 was issued, you do not report it on your 1040.

warning

if there's code V in box 20 and the amount is over $1,000 the IRA was supposed to file form 990-T with the IRS.