For the online editions of Turbo. Tax for reporting only dividends on form 1099-DIV and interest on Form 1099-INT, you can use either the Deluxe or Premier Edition. For a Schedule K-1 you would have to use the Premier or Home and Business edition.
You do need Premier (or Home & Business) to import K-1s into Turbo. Tax Desktop or Online. Since Deluxe does not handle K-1s, you will have to manually enter (under Business Items ) your K-1 and you must be using Turbo. Tax Deluxe (or Basic) Desktop versions in order to manually enter a K-1.
Do I need TurboTax Premier to enter a Schedule K-1?
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.
Do I need a K-1 from Deluxe or Premier?
There are three kinds of K-1s. I believe Deluxe only supports K-1s from a partnership (Schedule K-1P). I think a K-1 from a trust/estate requires Schedule K-1T, for which you’d need Premier or greater.
How do I add a K-1 form to my tax return?
If your e-filed return was already accepted or you already mailed your return in, you’ll need to amend to add the K-1 to your tax return. In your Turbo. Tax program, search for K-1 and select the Jump to link in the search results.
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.
How much does a K-1 business need to pay in taxes?
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.