Yes you are able to use Turbox. Tax to to file a Schedule K-1. If you are filing a personal return and want to report the K-1 you can use any of the desktop versions. Click the following link for more information: https://turbotax., and intuit., and com/personal-taxes/cd-download/.
Can turbotax handle k-1?
, either turbo Tax Premier or Turbo. Tax Home and Business can handle your K-1 partnership income. The link will take you to a page that list all the form available in each version of Turbo, and tax.
This begs the question “Can turbotax premier handle 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.
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.
How do I get a K-1 form from TurboTax?
, in turbo Tax CD/Download: Go to Business Investment and Estate/Trust Income, click on the Start/Update box next to Schedule K-1., in turbo Tax Online: In the S-corps, Partnerships, and Trusts section click the Start/Update box next to Schedule K-1.
Do you have to pay taxes on a K-1?
These entities don’t pay income tax on the profits and losses that are “passed through” to their partners, owners, shareholders, or beneficiaries on Schedule K-1. The recipients then report the K-1 on their own personal tax returns. Your K-1 may not arrive until March, April, or even later.
A common query we ran across in our research was “Do I need a K-1 from Deluxe or Premier?”.
Some have found that 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.
Why can’t I distribute my K-1?
This is because the pass-through entity needs to complete their tax return before they can distribute K-1s. Sign in and open your return by selecting Pick up where you left off under a section. Search for K-1 and select the Jump to link at the top of the search results.
What is a Schedule K-1 form?
The Schedule K-1 is the form that reports the amounts that are passed through to each party that has an interest in the entity., this turbo Tax Online comparison shows that Premier and Self-Employed will support Schedule K-1 entry. Scroll down the left side to view Schedule K-1 support.
This is because the K-1 issuer needs to complete their tax return before they can send out Schedule K-1. If you haven’t filed yet: Open your return in Turbo, and tax. (To do this, sign in to Turbo. Tax and then click the orange Take me to my return button.).