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D
donpowers820
March 8, 2025
Question

How do I enter income reported on a Scedule K-1, form 1041 on my standard deduction Turbotax form?

  • March 8, 2025
  • 1 reply
  • 0 views
I am using standard deduction. Can I include a small amount of income reporterd on schedule K-1 form 1041 with that being the only amount reported on the form?

1 reply

VolvoGirl
VolvoGirl
Employee
March 8, 2025

If you are using the Online version you need to use Premium to enter a K-1.

 

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Scroll down to S-corps, Partnerships, and Trusts or to Business items

Schedules K-1, Q - 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.

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