Which version of TurboTax do I need if I have a K-1 from my mother's estate?

[HelenaC]

The TurboTax products that support K-1's are:

• TurboTax Online Premier and Self Employed.
• TurboTax CD\Download Deluxe, Premier and Home & Business.
• What's the difference between TurboTax Online and the TurboTax CD/Download?

To enter a K-1 that you received:

Where do I enter a K-1 that I received?

Where do I enter a K-1 that I received?

Unlike W-2 and 1099 forms which are usually delivered by February, your K-1 may not arrive until March, April, or even later. This is because the K-1 issuer needs to complete their tax return before they can send out Schedule K-1.

If you haven't filed yet:

1. Open your return in TurboTax.
   (To do this, sign in to TurboTax and then click the orange Take me to my return button.)
2. In your TurboTax program, search for K-1 or K1 (lower-case works too) and then click the "Jump to" link in the search results.
3. This will take you to the Schedules K-1 or Q screen (or the Schedule K-1 and Schedule Q screen if you are using the CD or download software)
4. Answer Yes and follow the prompts.
   • Note: You may be prompted to upgrade to Premier, depending on which version of TurboTax you're using.

On the other hand, if your e-filed return was already accepted or you already mailed it in, you'll need to amend to add the K-1 to your taxes.

Related information:

• What's a K-1?

[mgsholaas]

There are three kinds of K-1s. I believe Deluxe only supports K-1s from a partnership (Schedule K-1P). I think a K-1 from a trust/estate requires Schedule K-1T, for which you'd need Premier or greater. See

https://ttlc.intuit.com/community/business-taxes/discussion/do-i-need-turbotax-premier-to-file-sched...

[ron6612]

Are you sure about answers for K1 from trust/estate. Will Cd download deluxe support this income entry or do you need premier or home business?  Another question is if you’re preparing the 1041 for the estate plus your personal 1040 you can upgrade from deluxe or premier to cd download home business correct?

[tagteam]

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@ron6612 wrote:

Are you sure about answers for K1 from trust/estate. Will Cd download deluxe support this income entry or do you need premier or home business?  

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The CD/Download version of Deluxe supports entry of all types of K-1s, at least in Forms Mode.

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@ron6612 wrote:

.....if you’re preparing the 1041 for the estate plus your personal 1040 you can upgrade from deluxe or premier to cd download home business correct?

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You can upgrade from one personal product to another at any time, but the only version of TurboTax that supports the preparation of a 1041 for an estate or trust is TurboTax Business, which is different from Home & Business (see the link below).

https://turbotax.intuit.com/small-business-taxes/

[5453]

Which version of TurboTax do I need if I have a K-1 from my mother's estate?

[tagteam]

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@5453 wrote:

Which version of TurboTax do I need if I have a K-1 from my mother's estate?

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Desktop: Any version of TurboTax

Online: Only TurboTax Premium will suffice.

[DoninGA]

@5453 If you will be using the TurboTax online web based editions for tax year 2023 you will need to use the Premium edition to report the Schedule K-1 (Form 1041).

https://turbotax.intuit.com/personal-taxes/online/premium/

If you will be using the TurboTax desktop CD/Download editions for tax year 2023 then any of the editions can be used.

https://turbotax.intuit.com/personal-taxes/cd-download/