I've kind of asked this before, but was hoping for a little more specifics. I am entering K-1 forms for my girlfriend and I that we traded in brokerages. I have not looked at gains vs. losses, however can someone tell me where and specifically how to enter these on TurboTax and what edition I need to enter them?
I'm hoping for a step by step process to make it as easy and efficient as I can. Thank you so much.
If you have the Desktop CD/Download program all versions have K-1.
For Online
You need to use Premier or Self Employed version to enter a K-1.
To enter a K-1 go to
Federal Taxes Tab or Personal (Home & Business version)
Wages and Income
Scroll down to S-corps, Partnerships, and Trusts or to Business items
Schedules K-1, Q - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
Enter each k-1 separately.
ps....you don't enter K-1s you get for IRA, 401K or retirement accounts.
OK, so I am a little confused it would be online version. Do I have to choose and pay for the TurboTax version I want to use prior to filling everything out because I thought I could pay for the version when filing? How does that work?
Also, you said Federal Tax Tab or Personal (Home or Business Version) and you stated previous to that Premier or Self Employed Version? Can you also explain that part? Thank you so much.
For the Online versions you don't have to pay until you file or want to print it out.
The steps I listed are for both the Online versions and Desktop program. Home & Business is a Desktop version, so ignore that. You enter K-1 under Federal tab on left.
Hope that clears it up.