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M
moedmoney
March 23, 2025
Question

TurboTax for 2024 taxes has 2023 K-1 fields but IRS changed the K-e1 form Jan 2025 and fields do NOT match

  • March 23, 2025
  • 1 reply
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TurboTax for 2024 taxes has 2023 K-1 fields but IRS changed the K-1 form Jan 2025 and TurboTax K-1 fields do NOT match.  For example, block 17 is no longer block 17, it is block 20 and the codes have changed.  For QBI, you now enter Z instead of V and 199 info, but it is in block 20.  Here is a link to the new form, Schedule K-1 (Form 1065) 2024:  https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf

    1 reply

    PatriciaV
    PatriciaV
    Employee
    March 23, 2025

    Are you looking at the Schedule K-1 entry screens for Form 1120S? For that form, Box 17 does report Section 199A information.

     

    Both the interview pages and underlying form for Form 1065 Schedule K-1 match the PDF link you posted.

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      M
      moedmoneyAuthor
      March 23, 2025

      Thanks, I figured it out this AM, I was confusing K-1 1065 vs K-1 1120S.  Turbo Tax has the right fields in the 2024 Premier form.  Thanks!

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