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Level 1
posted Mar 22, 2025 7:34:27 PM

TurboTax for 2024 taxes has 2023 K-1 fields but IRS changed the K-e1 form Jan 2025 and fields do NOT match

TurboTax for 2024 taxes has 2023 K-1 fields but IRS changed the K-1 form Jan 2025 and TurboTax K-1 fields do NOT match.  For example, block 17 is no longer block 17, it is block 20 and the codes have changed.  For QBI, you now enter Z instead of V and 199 info, but it is in block 20.  Here is a link to the new form, Schedule K-1 (Form 1065) 2024:  https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf

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2 Replies
Expert Alumni
Mar 23, 2025 9:34:40 AM

Are you looking at the Schedule K-1 entry screens for Form 1120S? For that form, Box 17 does report Section 199A information.

 

Both the interview pages and underlying form for Form 1065 Schedule K-1 match the PDF link you posted.

Level 1
Mar 23, 2025 11:18:47 AM

Thanks, I figured it out this AM, I was confusing K-1 1065 vs K-1 1120S.  Turbo Tax has the right fields in the 2024 Premier form.  Thanks!