Question

Schedule k1 partnerships

Forum|Forum|7 years ago
June 6, 2019
2 replies
0 views

description of entry from k-1 does not exist in turbo tax

TurboTax Home & Biz Windows

DoninGA

Employee

To enter a Schedule K-1

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
On Schedule K-1, click on the start or update button

Or enter k-1 in the Search/Find box located in the upper right of the program screen. Click on Jump to k-1

A

Anonymous

there is a lot of data on the K-1 that does not need to be entered in TT because it for your eyes only and is never sent to the IRS with your personal return

not required:

B - address

C -whether e-file or not

I1 - entity type - if it's other than individual or trust (grantor) - the K-1 should not be reported on form 1040

I2 - keogh, ira sep question - by the way if the box is check , the k-1 doesn't get reported on your return

J thru M

18C - non deductible expenses

19A - distributions

also some of box 20 info - but that differs with each taxpayer

TT does not calculate basis and that's why certain items, above, are irrelevant in TT

don't know why, because Intuit has professional software that does.