Question

I received a Schedule K-1 with an amount in Box 13K. Where in the software do I enter the amount?

Forum|Forum|2 years ago
March 29, 2024
2 replies
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No text available

TurboTax Online

To enter a Schedule K-1

Click on Federal
Click on Wages & Income
Scroll down to S-corps, Partnerships, and Trusts
On Schedule K-1, Q, click on the start or revisit button

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mctaxneiAuthor

I’m not a business and filing my individual tax return. Does the instruction still apply?

DoninGA

@mctaxnei wrote:

I’m not a business and filing my individual tax return. Does the instruction still apply?

Yes. That is the section of the program to enter a Schedule K-1 from a Partnership (Form 1065), an S Corporation (Form 1120S) or from an Estate or Trust (Form 1041)

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Mike9241

bad news. Turbotax can not handle excess business interest expense line 13K. certain rules apply that include filing form 8990 which Turbotax doesn't support.

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mctaxneiAuthor

I see it as an option on the dropdown for Box 13 items with the premium version. I didn’t finish entering the rest of the information.

Does that mean it will not process when I file? If so, what are my option. I’m trying to avoid preparing my return just for it to not efile the proper forms.