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.
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".
Hello! I am transitioning to a two owner s-corp of two members only with my spouse. I understand Turbo will not allow me to complete a 2553. Excluding a 2553, can I complete all remaining forms via turbo (as Gusto will be submitting the W2 form via payroll). Thanks!
Which version of TurboTax Desktop needed to REPORT my K-1 income.?
I already have K-1 from my business tax filing. I would like to report in in my personal tax return.
@hcpatel78 wrote:
Which version of TurboTax Desktop needed to REPORT my K-1 income.?
I already have K-1 from my business tax filing. I would like to report in in my personal tax return.
If you will be using the TurboTax online web-based editions for your personal tax return, you will need the Premium online edition to report the Schedule K-1.
If you will be using the TurboTax desktop editions installed on a personal computer, any of the desktop editions can be used as they all support entry of a Schedule K-1
Do you mean the Premier Version? Every year I'm so confused about what version is needed and worried that something may change in the Features of each Version.
The name has changed in the Online browser version. Premier and the Self Employed version were combined into Premium.
Desktop is still called Premier. And you can use any Desktop version. All the Desktop programs have the same forms, you just get more help and guidance in the higher versions.