Question

Schedule K-1 Form 1065

Forum|Forum|2 years ago
March 21, 2024
1 reply
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HELP

I am currently using the Deluxe Edition of Turbo Tax . My husband just received a Schedule K-1 (form 1065). He is a partner for this publicly owned company since he owns some units in 2023? He has not taken distributions or sold any units. I have been trying to read the instructions on the IRS website to see if I need to report this, however, it's very confusing to me. I have no idea what to do with this form.

Here are some of the items on the form:

Part III:

Box 1: -188

Box 9a: 0

Box 10: -1

Box 13: A, 0 & K,0

Box 17: A, 4

Box 19: A, 160

Box 20: A, 0 ; N, 47; V, -191

Do I need to report these items on my federal return? If so,

What section is this under?
Can I still use the Deluxe edition to report this?

I really appreciate any assistance on this.

Thank you.

PatriciaV

Employee

Yes, if you are using TurboTax Deluxe installed on your computer (not in a browser), you can report Schedule K-1 under Investment Income. If you're logging into TurboTax through the website, you'll need to upgrade to TurboTax Premium before you enter a K-1.

Follow the interview and answer all questions as best you can. The K-1 should have all the information you need.

To enter your K-1 information, follow these instructions: Where do I enter a Schedule K-1 that I received?

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