The schedule K-1 is actually created in TurboTax Business when filing a business return for your LLC, S Corp, C Corp or trust.To enter a Schedule K-1 (If you already have received a K-1 and need to enter it ) Click on Federal Taxes (Personal if using Home and Business) Click on Wages and Income (Personal Income if using Home and Business) Click on I'll choose what I work on (if shown) or Add more income Scroll down to S-corps, Partnerships, and Trusts, click show more, On Schedule K-1, click on the start or update buttonNote: You may be prompted to upgrade to Premier, ifyou are using the Federal Free version of TurboTax.

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Where do I enter a K1?

Forum|Forum|6 years ago
June 6, 2019
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TurboTax Free Edition Online

Best answer by michellehomebiz

The schedule K-1 is actually created in TurboTax Business when filing a business return for your LLC, S Corp, C Corp or trust.

To enter a Schedule K-1 (If you already have received a K-1 and need to enter it )

Click on Federal Taxes (Personal if using Home and Business)
Click on Wages and Income (Personal Income if using Home and Business)
Click on I'll choose what I work on (if shown) or Add more income
Scroll down to S-corps, Partnerships, and Trusts, click show more,
On Schedule K-1, click on the start or update button

Note: You may be prompted to upgrade to Premier, if you are using the Federal Free version of TurboTax.

M

michellehomebizAnswer

The schedule K-1 is actually created in TurboTax Business when filing a business return for your LLC, S Corp, C Corp or trust.

To enter a Schedule K-1 (If you already have received a K-1 and need to enter it )

Click on Federal Taxes (Personal if using Home and Business)
Click on Wages and Income (Personal Income if using Home and Business)
Click on I'll choose what I work on (if shown) or Add more income
Scroll down to S-corps, Partnerships, and Trusts, click show more,
On Schedule K-1, click on the start or update button

Note: You may be prompted to upgrade to Premier, if you are using the Federal Free version of TurboTax.

Y

YahWehLikes68

If I have 10 K-1s to enter for 2019 that were the same as ones from 2018, turbo tax prompts me for each one. Is there a way to skip to one I want to work on?

M

MinhT1

@YahWehLikes68

If you wish to skip a schedule K-1, just click Continue until you get to the end the K-1 entry.

You can always go back and edit the skipped K-1 later.

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F

frankdbradley

I read the replies posted here and they are confusing.

For tax year 2021 which Turbotax software version do I need to enter income from a K-1 form?

The replies to my question contradict each other. One states Premier, another states Deluxe, yet another state Home or Business.

Why does there need to be different version online that does the same as a desktop version?

I have struggled with this answer for years because Turbotax makes it too complicated to determine. Bad business!

Note I have been reading and searching online for over 30 minutes trying to determine this answer and still haven't found a solid answer.

V

Vanessa A

A Schedule K-1 can be entered into Premier or Home and Business. In the desktop version, you could also enter it directly in forms mode in Deluxe, but it is not recommended. There is no guidance in Deluxe for the Schedule K-1.

If you are looking for the interview mode, you can use Premier or Home and Business for the K-1.

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