Yes – You need to use the Premier version of Turbo. Tax to enter a Schedule K-1 in Turbo, and tax. Please make sure you use the right K-1 entry form. There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate. Lines and codes on the forms differ from each other.
Some think that schedule K-1 can be added in Turbo. Tax Premier and higher versions. When you amend your return to add this information, Turbo. Tax will ask questions about this income and will ask you to upgrade to the required version in order to add this form.
What is a Schedule K-1 form?
The Schedule K-1 is the form that reports the amounts that are passed through to each party that has an interest in the entity., this turbo Tax Online comparison shows that Premier and Self-Employed will support Schedule K-1 entry. Scroll down the left side to view Schedule K-1 support.
You may be thinking “What is a Schedule K-1 tax form?”
The Schedule K-1 is slightly different depending on whether it comes from a trust, partnership or S corporation. Find out how to use this tax form to accurately report your information on your tax return. The United States tax code allows certain types of entities to utilize pass-through taxation.
For example, if a business earns $100,000 of taxable income and has four equal partners, each partner should receive a K-1 with $25,000 of income on it. Similar to a partnership, S corporations must file an annual tax return on Form 1120S.
What version of TurboTax do I need to use to file taxes?
If you run a business, you need to declare your income on a Schedule C and so you must use Turbo. Tax Self-Employed (also called Home & Business ). No other version offers this.
If you received a Schedule K-1 (Form 1065), which you would get if you are in a partnership, that’s another reason you’ll need Turbo, and tax premier. How much does each version cost ?