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November 5, 2019
Question

K-1 Form1041 Beneficiary for a trust account.

  • November 5, 2019
  • 2 replies
  • 0 views
What line do I use on !040 tax return?

2 replies

Critter
Employee
November 5, 2019

A K-1 form has many tax items on it because it is a CONSOLIDATED form   ... there is no ONE place to enter all the info ...

 

To enter a K-1 go to 
Federal Taxes Tab ( Personal in the H&B versions )
Wages and Income
Choose Explore on my own or I'll choose what to work on  (if it comes up)
Then scroll way down to Business Items
 S-corps, Partnerships, and Trusts.  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

November 6, 2019

TT takes the numbers you enter on the K-1 input screen and adds them to the proper form or schedule.   do not reenter those numbers on the forms or schedules.