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April 2, 2023
Question

Form K-1 Box 5 interest income - where does it show up on 1040?

  • April 2, 2023
  • 3 replies
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Filling out K-1 information. Not sure where turbo tax put the interest income from box 5 on 1040?  IRS information seems to imply it goes to 1040 interest income.  But, I don't see it there.  Any ideas?

3 replies

April 2, 2023

it should show up on schedule B but if the total interest income is below the threshold you'll only see a total of interest income on 1040 line 2b

JohnB5677
April 2, 2023

I'm not sure which K-1 you're looking at, but this is how each of them is posted.

 

If you have a K-1 for a Form 1065 Partnership, 

  • Bos 5 is labeled interest, and 
  • it does get posted to box 2b Taxable Interest on your 1040.

If you have a K-1 for a for an S-Corp, Form 1120-S

  • Boxes 5 a&b are dividends, and
  • are posted to lines 3 a&b on your 1040.

If you have a K-1 for a Trust or Estate Form 1041

  • Box 5 is Other portfolio and Non-Business income.
  • It is posted to Schedule 1 line 5, and
  • Line 8 Other income on the 1040

If this does not completely answer your question, please contact us again and provide some additional details.

 

 

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April 5, 2023

thank you  it finallicame to me as you confirmed

September 23, 2023

Thanks for asking this question. I was tearing my hair trying to figure it out. It wasn't showing up and then it did as I kept looking.