Schedule K-1 on Turbotax Deluxe

Forum|Forum|2 years ago
March 4, 2024
1 reply
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Hi,

Me and my wife have LLC where we have 50/50 shares. Each of us has Schedule K-1 form with the same amount on box 1. When filing our tax with 'Married Filing Jointly' using TT Deluxe, under Wages & Income, I am adding Schedules K-1. For 'Box 1 - Ordinary Income or Loss' info, do I have to combine my K-1 box amount with my wife's K1 box amount?

Please let me know if you need more details. Thank you.

Thanks in advance,

Mon

Best answer by Mike9241

no. you do 2 k-1s after the first there should be a link to add another.

Mike9241Answer

no. you do 2 k-1s after the first there should be a link to add another.

rabur116Author

Even with the same company name and the same amount for both K-1 box 1, but one is for me and the another one is for my wife, I guess that's supposed to be how it's added in the tax form. Thank you so much for your answer.