I am trying to figure out which version of TurboTax I need to purchase to be able to file a schedule K-1. Can you recommend the correct version? Thanks,
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If you are reporting items from a K-1 that you received, TTx Basic will ask you about K-1 in the income portion, and will generate the required form input.
Having said that, if you have a complex K-1, then you may have to upgrade to the more expensive versions that will interview you on various types of passive versus active income but the basic version worked for me on a distribution from an estate last year. 🙂
If you are using the Online browser version you need Premier to enter a K-1. If you have the Desktop CD/Download program installed any version will work.
To enter a K-1 go to
Federal Taxes Tab or Personal (Home & Business version)
Wages and Income
Then scroll way down to S-Corp, Partnerships and Trusts
Schedules K-1 - 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.
You need Business. It states on this version that it is for K-1's.
TurboTax Business. You'll want the desktop/download version.
Turbo Tax Business will only allow you to create K-1s to distribute to partners of the company. If you have received a K-1 and need to enter it as part of your personal tax return do NOT buy "Turbo Tax Business".
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