TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Solved

K-1

Forum|Forum|5 years ago
October 23, 2020
4 replies
20 views

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.

Best answer by Anonymous_

@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.

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.

Anonymous_Answer

Level 15

@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.

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.

Level 4

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.

Level 15

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

Level 2

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

Level 2

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

Level 15

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

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.

Mike9241

Level 2

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