I believe box 1 of my K-1 is comprised of my car and asset expenses. So, would I need to record them in TurboTax in "Review Vehicle Expenses" and "Asset Information?"

Forum|Forum|11 months ago
April 23, 2025
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I provided my tax accountant with asset and vehicle information - like how much assets cost, the mileage, gas, insurance, and car maintenance. I believe box 1 is comprised of that already, so I'm thinking I don't need to add them in TurboTax when they're asking for it.

Best answer by PatriciaV

You are correct. The information reported on Schedule K-1 shouldn't need to be added to any other section of TurboTax. It appears your business vehicle is considered an asset of the LLC (or S-Corp) and all expenses would flow through the K-1.

See this article for more info: Where do I enter a Schedule K-1 that I received?

PatriciaVAnswer

Employee

See this article for more info: Where do I enter a Schedule K-1 that I received?

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nyccomposerbuddyAuthor

Thank you very much, Patricia! That's good to know. I don't know why TurboTax asks about assets and car expenses when you could just enter the number from Box 1 in its previous question.

I'll also skip the Transportation/Travel/Meals/Entertainment and Gifts/Education/Publication and Miscellaneous sections. I'll honestly just keep putting ALL these type of expenses in my future spreadsheets for our tax guy and then they'll just reflect in the K-1.

Thank you again!

PatriciaV

Employee

Are you entering the information from Schedule K-1 under the K-1 topic in TurboTax? This activity should NOT be entered under Self-Employment or Business Income and Expenses (Schedule C). See the article link in my earlier post.

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