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Shawn P Adamo
Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Financial Software
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Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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I have turbotax Home & Business. When I try to input K-1

Customer Question

I have turbotax Home & Business. When I try to input K-1 info it does not accept it.
Submitted: 8 months ago.
Category: Financial Software
Expert:  Anne replied 8 months ago.

Hi

I'm Anne. I've been preparing taxes for 27 years & I'll be happy to help you.

First, let me make sure you're at the right spot for inputting that information, because this version of TT does support that type of income.

You should be under Business Investment and if you scroll down, you should see the K1 screen.......and then you have to pick the TYPE of K1 ........

Is this where you are?

Customer: replied 8 months ago.
Customer: replied 8 months ago.
The numbers appear shaded on the screen and then I hit enter and they are not inputted.
Expert:  Anne replied 8 months ago.

Ok.......can you please tell me the type of K1 you have (Partnership, S Corp, or Estate?) and the lines that have a $ amount in them?

Customer: replied 8 months ago.
The numbers appear shaded on the screen and then I hit enter and they are not inputted.
K-1 (Form 1065) , K-1 (Form 1120S)
Customer: replied 8 months ago.
Lines 2 & 8.
Expert:  Anne replied 8 months ago.

I wish I had a definitive answer for you, but I don't. I absolutely believe that you're in the right place, and I am confused about why it doesn't work for you.

I use TT, and I was able to report income on a K1.

I can do 1 of 2 things at this point......I can "opt out" and put this question back on the open question board and see if another expert will pick this up, and can give you the definitive answer.

Or, I can offer you a phone call (at a nominal fee. We are required to charge something for the additional service) and maybe we can walk through the steps on the phone together.

The choice is yours, and I'm happy to do either one.

Expert:  Anne replied 8 months ago.

I haven't heard from you, so I'm going to opt out and allow this question to go back on the open board.

Expert:  Shawn P Adamo replied 8 months ago.

Unfortunately several versions of TT allow different things. What version are you using ? It might not allow K-1's unless you upgrade.

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