Partnership K-1 Line | To enter in TurboTax Form 1065: Partnership Return of Income |
| Line 1 Ordinary Business Income (Loss) | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p1-2: Return of Partnership Income and click Open.
- Scroll to Line 7 Other Income (Loss) of the Income section.
- Enter the partnership information and amount(s).
- Select the Back to Interview link at the top right of the screen.
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| Line 2 Net Rental Real Estate Income (Loss) | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- Click on Line 2 in the Income section and then click the pop-up magnifying glass to open Form 8825.
- Scroll to Line 20b of Form 8825 and submit partnership information.
- Select the Close Form link at the top right of the page to return to Form 1065.
- Select the Back to Interview link at the top right of the screen.
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| Line 3 Other Net Rental Income (Loss) | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- Enter partnership information on Line 3a(1) and 3a(2). Note: For multiple K-1's, click on the appropriate line, and then click on the pad to open Supporting Details. Select Close to exit. Form 1065 will display the sum of the values submitted on the Supporting Details form.
- Select the Back to Interview link at the top right of the screen.
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Line 4 Guaranteed Payments | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- Scroll to Line 4a and click on the line under "Deducted on Page 1".
- Click on the magnifying glass to go to the Guaranteed Payments Smart Worksheet.
- Click on the pad displayed on Line A of the Guaranteed Payments Smart Worksheet to open Supporting Details.
- Enter partnership name(s) and amount(s).
- Select Close to exit Supporting Details.
- Select the Close Form link (to return to Form 1065 ) or the Return to Interview link at the top right of the page.
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| Line 5 Interest Income | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- Scroll to Line 5 Interest Income and click the line closest to Banks, Certificates of Deposit, etc. and/or U.S. Obligations. (These lines are left of the column labeled "SA.")
- Click on the pad displayed to open Supporting Details.
- Enter partnership name(s) and amount(s).
- Select Close to exit Supporting Details.
- Select the Return to Interview link at the top right of the page.
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| Lines 6a Ordinary Dividends | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- Scroll to Line 6a Ordinary Dividends and click the line on the far right of the form (on the right of the column labeled "SA").
- Click on the pad displayed to open Supporting Details.
- Enter partnership name(s) and amount(s).
- Select Close to exit Supporting Details.
- Select the Return to Interview link at the top right of the page.
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| Line 6b Qualified Dividends | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- Scroll to Line 6b Qualified Dividends and click on the line on the left (on the left of the column labeled "SA").
- Click on the pad displayed to open Supporting Details.
- Enter partnership name(s) and amount(s).
- Select Close to exit Supporting Details.
- Select the Return to Interview link at the top right of the page.
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| Line 7 Royalties | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- Scroll to Line 7 Royalties and click on the line on the far right of the form (on the right of the column labeled "SA").
- Click on the pad displayed to open Supporting Details.
- Enter partnership name(s) and amount(s).
- Select Close to exit Supporting Details.
- Select the Return to Interview link at the top right of the page.
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Line 8 Net Short-term Capital Gain (Loss) | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Schedule D: Capital Gains and Losses and click Open.
- Scroll to Line 4 in the Short-Term Capital Gains and Losses section, click on the line, and then click on the pad to open Supporting Details.
- Enter partnership name(s) and amount(s).
- Select Close to exit Supporting Details.
- Select the Return to Interview link at the top right of the page.
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Line 9a Net Long-term Capital Gain (Loss) | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Schedule D: Capital Gains and Losses and click Open.
- Scroll to the Long-Term Gains and Losses section, and click on Line 9 Partnership's share ... on the far right of the form.
- Click on the pad to open Supporting Details.
- Enter partnership name(s) and amount(s), and then click Close.
- Select the Return to Interview link at the top right of the page.
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| Line 9b Collectibles (28%) Gain (Loss) | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Schedule D: Capital Gains and Losses and click Open.
- Scroll to the Long-Term Gains and Losses section, and click on the line to the right of 28% rate gain or loss included in line 9.
- Click on the pad to open Supporting Details.
- Enter partnership name(s) and amount(s), and then click Close.
- Select the Return to Interview link at the top right of the page.
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Line 9c Unrecaptured Section 1250 Gain | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- In the Income section, click on the blank line next to Line 9c, and then click on the pad to open Supporting Details.
- Enter the partnership name(s) and amount(s) and then select Close.
- Select the Return to Interview link at the top right of the page.
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Line 10 Net Section 1231 Gain (Loss) | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- In the Income section, click the blank line to the right of the Line 10, and then click on the pad to open Supporting Details.
- Enter the partnership name(s) and amount(s), and then select Close.
- Select the Return to Interview link at the top right of the page.
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Line 12 Section 179 Deduction | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- Click on the blank line in the Total Amount column of Line 12, and then click on the pad to open Supporting Details.
- Enter the partnership name(s) and amount(s), and then select Close.
- Select the Return to Interview link at the top right of the page.
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Line 17 Alternative Minimum Tax Items | - Select Open a Form from the Forms menu at the top of the screen.
- Highlight Form 1065 p3-4: Return of Partnership Income and click Open.
- Scroll to the Alternative Minimum Tax (AMT) Items section, Line 17f.
- Use the lines provided to enter partnership name(s), type and description of AMT adjustment(s), and amount(s). (Post-1986 depreciation is an example of an AMT adjustment.)
- Click on the amount line (to the left of the column labeled "SA"), and then click on the pad to open Supporting Details.
- Click Close to return to Form 1065.
- Select the Return to Interview link at the top right of the page.
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