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Question

How do I enter a 1041 and K-1 into a Deluxe Turbotax (Federal Only)

Forum|Forum|2 years ago
February 27, 2024
1 reply
0 views

I've attempting to enter a 1041 and K-1 from a family trust that ended in 2023 into my personal tax return. l am one one of three beneficiaries (along with my 2 brothers) who show a signifcant LOSS in this final year of the trust. I'm hoping to utililize this loss to offset any personal gains and reduce my taxes accordingly. However, when I enter the 1041 and K-1 into the Wages and Income section. It only asks for the trust name and fails to ask for any specific income/loss information about the trust. Any suggestions??

An IRS Schedule K-1 (1041) must be reported in TurboTax Online Premium.

See this comparison of the Online products.

The K-1 is entered

Under Federal and Wages & Income.
Scroll down to S-corps, Partnerships and Trusts and click the down arrow.
Select Start/Revisit to the right of Schedule K-1.

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