- Schedule K-1 Information
Enter Schedule K-1 Information
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 provides K-1 Worksheets so that you can easily enter this information in your tax return.
Select a link below for more information about Schedule K-1 Worksheets in TurboTax.
How to enter K-1 information
In TurboTax Premier
- Select the Federal Taxes tab at the top of your screen, then select Income.
- In the Your Income screen, select the Select Specific Topics button.
- In the Your Income screen, select Business Income and Expenses, then select the Start or Revisit button for Business Investments (Schedules K-1 and Q).
- Follow the on-screen instructions in the TurboTax Interview.
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.
Because many of these items are uncommon, they're not handled automatically by TurboTax. You will have to manually enter the amount on the tax form or schedule indicated by the Schedule K-1 instructions. See Forms Method in TurboTax for more information.
In TurboTax Home & Business
- Select the Personal tab at the top of your screen, then select Personal Income.
- In the Your Personal Income screen, select the Select Specific Topics button.
- In the Your Personal Income screen, select Business Investment and Estate/Trust Income , then select the Start or Revisit button for Schedule K-1 .
- Follow the on-screen instructions in the TurboTax Interview
Partnership
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.
