In TurboTax CD/Download Home and Business, enter partnership income from a K-1 by following these directions:
- Across the top of the screen, click on Personal.
- Across the top of the screen, click on Personal Income.
- Click I'll choose what I want to work on.
- Scroll down to Business Investment.
- Click Start / Update to the right of Schedules K-1.
- At the screen Do you want to review Schedules K-1 or Q? click Yes.
- At the screen Tell Us About Your Schedule K-1, click Start / Update to the right of Partnerships/LLC.
- Enter the K-1 information as requested.
- At the screen Choose Type of Activity, select box 1, box 2, box 3 or more than one box. Click Continue.
- At the screen Check Boxes That Have an Amount, you will likely click on Box 20. Click Continue.
- At the screen Enter Box 20 Info, select Z-Section 199A information. Leave Amount empty. This tells the software that Section 199A information will need to be entered for the income previously reported. Click Continue.
- At the screen We see you have Section 199A income, select the appropriate income description. Click How would I know this? for more information. Click Continue.
- At the screen We need some information about your 199A income, select the appropriate income description and amount from the 199A detail provided with the K-1.
- The information that is needed to complete the screen may be found on a Statement A attached to your K-1 information.
@John H4
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