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March 7, 2025
Question

How do file final K1

  • March 7, 2025
  • 1 reply
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    March 7, 2025

    To file a final K-1 in TurboTax, follow these steps:

    1. Open TurboTax 
    2. Click K-1.
    3. On the Schedules K-1 or Q page, select Yes.
    4. On the Did you receive any Schedules K-1? page, select Yes.
    5. Select Start next to the type of Schedule K-1 form you have, and enter your information.
    6. Enter the partnership information such as the partnership name, tax ID number, and address.
    7. Enter your ownership percentage and any other relevant details from your K-1 form.
    8. Input the financial details from your K-1, including ordinary income or loss, capital gains, and other items listed on the form.
    9. Indicate that this is a final K-1 by checking the appropriate box (see screen shot below)
    10. Review the summary of the K-1 information to ensure everything matches your form.