Schedule K-1 (Form 1065)

Forum|Forum|3 years ago
March 26, 2023
2 replies
45 views

Hello,

I am looking for some help and support. I am trying to do my son's taxes (he is away at college). He received 1099s from Robinhood Securities & Robinhood Crypto. But, he also received a Schedule K-1 (Form 1065) from iShares ("iShares S&P GSCI Commodity-indexed trust"). The cover page to that package states:

1. Please do not discard this package as it contains IMPORTANT TAX INFORMATION that you will need to prepare your federal and state income tax returns for the 2022 tax year.

2. The tax reporting for this investment is NOT (my emphasis) reported on a Form 1099 that you receive from your broker. Instead, a tax package is distributed by the Trust. The 2022 tax package includes your Schedule K-1 ("K-1"), Transactions Schedule, Sales Schedule and FAQs.

So, I have no idea what this is for, or how to input this information into TurboTax. I am using the download version of TurboTax Premier (for Windows). Would anyone be able to help me? I am trying to find out where in the "interview" stage - inputting income, etc., I input this data.

Do I need to somehow manually enter this? Or, will there be some question that asks me whether he has any Schedule K-1 (Form 1065)?

Any help, guidance, direction, support is greatly appreciated! 🙂

Best,
Terry

mbaughman381

Level 2

Personal income -> Business expenses -> Partnerships is where the 1065 should go. There is an area there for Trusts as well.

AnnetteB6

Level 15

You do need to manually enter the information shown on the K-1. Then, the data entered will automatically be reported on various tax forms within the return. For example, if one of the items on the K-1 is interest income, then it will be moved from the K-1 to Schedule B to be reported there as part of the tax return.

Use the following steps to get started, and then follow the prompts on the screen to enter everything just as you see it on the K-1 (Form 1065):

On the top row of the TurboTax screen, click on Search
This opens a box where you can type in “K-1” (be sure to enter exactly as shown here)
The search results will give you an option to “Jump to K-1”
Click on the blue “Jump to K-1” link

Alternatively, you can find the K-1 section under Federal > Income > Business Investment and Estate/Trust Income > Schedule K-1.

@jdjerome9

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