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JosephS1
February 25, 2023

Mike9241 provided a good link with all the information you would need to enter a K-1 received.  Please keep in mind you will need the Premier version of TurboTax to enter K-1 information.  If you could not accurately follow the instructions provided by the link, please follow these steps to enter the information that shows on your K-1:

  1. On the left side of your screen, click on Wages & Income
  2. Scroll down towards the bottom and locate S-corps, Partnerships, and Trusts, and click show more, and then Schedule K-1
  3. Choose the type of K-1 you received and click on Start
  4. Enter the name, ID number, address and such and click continue
  5. If the K-1 entity is a retirement plan, check the box and click continue, if not just click continue
  6. click in the circle for type of partner listed on the K-1 (limited partner, general partner, whichever)
  7. Next is normally a domestic partner
  8. If the K-1 shows the percentages being asked for on the next screen enter them, these would be shown in Box J, if not just click continue.
  9. Same if shown in Box K
  10. Enter your Capital account information.  This is usually on all K-1's and shows in Box L
  11. Enter the remaining information asked for based on the line by line items on the K-1
  12. After all entered and you click Done you will return to the Income summary page.

 

 

 

Box J below:

 

Box K below:

 

 

Box L below (numbers are for example purposes only):

 

 

 

@trailcampfirecre 

 

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