How to enter K-1 information in TurboTax

How to enter K-1 information

In TurboTax Online and Desktop (Except Home and Business)

1. Select the Federal Taxes tab at the top of your screen, then select Wages & Income.
2. You will be asked "How Do You Want To Go Through Income?", Click on Explore On My Own.
3. On the Your 2010 Income Summary screen, scroll down to Business Income and Expenses, schedules K-1, Q 
4. Click the Start tab or Revisit if your are returning to Business and Expenses, schedules K-1, Q.
5. Follow the on-screen prompts 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.

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.

In TurboTax Home & Business

1. Select the Personal tab at the top of your screen, then select Personal Income.
2. In the "Let's Start Your Income" screen select Explore on My Own. 
3. On the "Your 2010 Income Summary" screen, scroll down to Business Investment and Estate/Trust Income, schedule K-1, Q.
4. Click the Start tab or Revisit if you are returning to Business Investment and Estate/Trust Income, schedule K-1, Q.
5. Follow the on-screen instructions in the TurboTax Interview.