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Yes, if you were the beneficiary, you are required to report the distribution received from the estate. To enter a Schedule K-1 of Form 1041 in TurboTax online program, you will need to upgrade to TurboTax Premier online edition to complete your information and filing.
From TurboTax Deluxe edition, follow these steps:
1. After sign into your account, select Take me to my return
2. At the right upper corner, in the search box , type in K1 and Enter
3. Select the 1st choice on the search results - Jump to K1
4. On next screen, Schedules K-1 or Q, answer Yes
5. Follow prompts to upgrade to enter your information
I have tried this about 10 times. I also had a Support Person from TurboTax use a dummy return and it did not work for her either. I can enter the information for the K-1 (Form 1041) on the form using a minus sign in front of the number to show the loss but then when you say you are finished the system acts like you didn't enter anything. It is not a question for a CPA! It is a technical support question as to why you can't enter a negative number. Someone also suggested parentheses but that does not work either.
The support person tried to transfer me to someone else but I just got sent to a recording.
I have been using Premier for some time. Our accountant gave us Forms 1041 K1 yesterday and can not enter them. my returns are complete except for the new 1041. Which program do I need to enter the k1 data? Can I use the existing return?
As long as you have not filed your tax return yet, you can add the Schedule K-1 from your 1041 into your return in the federal interview section.
To report your Schedule K-1 in your personal tax return, log back into TurboTax.
Please note, if you have a state return, you might need to make entries into the state interview section if any amounts on your state K-1 numbers differ from the federal amounts.
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