Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
scott0160
Level 1

Where do I enter a K-1.

 
1 Best answer

Accepted Solutions
IreneS
Intuit Alumni

Where do I enter a K-1.

UPDATED FOR TAX YEAR 2019

 

Please make sure you are using the right K-1 entry form.  There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate.  Lines and codes on the forms differ from each other.

 

  1. TurboTax online:  Click Wages & Income and scroll to the  S-corps, Partnerships, and Trusts section.  Click the Start/Edit box next to  Schedule K-1
  2. TurboTax CD/Download:  Click Federal Taxes > Wages & Income [In TT Self-Employed Personal > Personal Income > I'll choose what I work on].   Under Business Investment and Estate/Trust Income, click the box next to Schedules K-1, Q.  
  3. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity (partnership, S-corporation, or trust/estate) that issued the K-1.   
  4. If you have already entered K-1 information, you will see a Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry). 
  5. If you haven't started entering K-1 information, continue through the screens, entering the requested information.

 

[Edited | 3/31/2020 |11:35am PDT]

 






**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

5 Replies
IreneS
Intuit Alumni

Where do I enter a K-1.

UPDATED FOR TAX YEAR 2019

 

Please make sure you are using the right K-1 entry form.  There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate.  Lines and codes on the forms differ from each other.

 

  1. TurboTax online:  Click Wages & Income and scroll to the  S-corps, Partnerships, and Trusts section.  Click the Start/Edit box next to  Schedule K-1
  2. TurboTax CD/Download:  Click Federal Taxes > Wages & Income [In TT Self-Employed Personal > Personal Income > I'll choose what I work on].   Under Business Investment and Estate/Trust Income, click the box next to Schedules K-1, Q.  
  3. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity (partnership, S-corporation, or trust/estate) that issued the K-1.   
  4. If you have already entered K-1 information, you will see a Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry). 
  5. If you haven't started entering K-1 information, continue through the screens, entering the requested information.

 

[Edited | 3/31/2020 |11:35am PDT]

 






**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
obergair
New Member

Where do I enter a K-1.

I am not the OP, but what I would like to know is which version of TurboTax 2018 I need to buy to be able to enter a K1 from a trust. Some years you can do it with Deluxe, some with Premium, sometimes you get a chance to upgrade online for $25 or so. It would be nice if it were written on the box.

tagteam
Level 15

Where do I enter a K-1.


@obergair wrote:

I am not the OP, but what I would like to know is which version of TurboTax 2018 I need to buy to be able to enter a K1 from a trust. 


TurboTax Premier or Self-Employed if you want to use an Online product.

 

Any of the desktop (CD/Download) versions will accommodate entry because they include all of the forms and schedules - you will get the most guidance for K-1 entry with Premier and Home & Business.

B0d1
New Member

Where do I enter a K-1.

Can you help me enter K-1 info into Turbo Tax where I have both Ordinary business income & Rental real estate income?

ThomasM125
Employee Tax Expert

Where do I enter a K-1.

You have to make two K-1 entries, one reporting the business income and deductions and the other reporting the rental income and deductions. Just make sure you don't enter any of the income or deduction numbers twice on separate forms.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v