Your share of the income, losses, credits, or deductions from a partnership, S-corporation, estate, or trust are taxable. This information goes on your 1040 tax return.
For tax purposes, your financial advisor or another third party reports this information to you on a Schedule K-1.
TurboTax gives you step-by-step guidance for entering information reported to you on schedule K-1.
Select a link below for more information about Schedule K-1 Worksheets in TurboTax.
Entering K-1 information
Here's how to get to the K-1 screens in TurboTax Online:
- Select the Tools button in the upper right-hand portion of the screen.
- Select Topic Search.
- When the window opens, type k-1 into the box, select the item that best describes the K-1 that you received, and then select Go.
- Follow the on-screen instructions to enter the information from your K-1.
Here's how to get to the K-1 screens in the TurboTax CD/download versions:
- Enter your cursor into the search box in the upper right-hand portion of the screen.
- Type k-1 into the box, click on the item that best describes the K-1 that you received.
- Follow the on-screen instructions to enter the information from your K-1.
Your Schedule K-1 might contain an amount in the Other Income (Loss) box. The actual box number varies depending on the type of K-1. Check the back of the K-1 you received for information about how to report the other income or loss.
Some of these items are uncommon and may not be handled automatically by TurboTax. You may have to manually enter the amount on the tax form or schedule indicated by the Schedule K-1 instructions. See Using Forms Mode in TurboTax for more information.
Partnerships
TurboTax supports up to 30 copies of Schedule K-1 Worksheet.
You must complete a separate worksheet for each partnership schedule you received. If your schedule shows both passive and non-passive activities or more than one type of activity, use a separate worksheet for each activity.
S-Corporations
TurboTax supports up to 10 copies of the Schedule K-1 Worksheet.
You must complete a separate worksheet for each S-corporation schedule you received. If your schedule shows both passive and non-passive activities or more than one type of activity, use a separate worksheet for each activity.
Estates and Trusts
TurboTax supports up to 5 copies of the Schedule K-1 Worksheet.
You must complete a separate worksheet for each estate/trust schedule you received. TurboTax summarizes all of your Schedule K-1 information and forwards it to Schedule E. Do not enter any Schedule K-1 information directly on Schedule E.
