Which version to enter a K-1?

Forum|Forum|3 years ago
March 10, 2023
1 reply
16 views

My accountant did the taxes, and gave me a 1120-S for loss. (Edited 3/10/21: not single-member)

It seems I can’t use TurboTax Free Edition even though my income was less than 73,000 because it doesn’t handle K-1s. (Please correct me if I’m mistaken.)

From what I read here, I’d need the Premier for online, but only the Deluxe for CD/Download. Is the process much more difficult and less intuitive on the Desktop Deluxe?

Best answer by Anonymous_

You need to use Premier to enter information from a K-1 if you want to use an online version. You can use any desktop version, including Deluxe.

However, if you have a single-member LLC without an election to be treated as a corporation for federal income tax purposes, then you should not have a K-1 for that LLC; it is treated the same as if you have a sole proprietorship and the income and expenses are reported on Schedule C of your 1040.

Anonymous_Answer

Level 15

You need to use Premier to enter information from a K-1 if you want to use an online version. You can use any desktop version, including Deluxe.

lilikoiAuthor

Level 2

Sorry, I was mistaken. It’s an S Corporation (The K-1 form I received is 1120-S). Since I don’t have any employees, I assumed it fell under single-member.

Thank you for your help.