by TurboTax•1356• Updated 5 months ago
If you have Section 199A Statement amounts to report from a K-1, you'll likely be issued one of the following forms:
- Form 1065 - Partnerships
- Form 1120-S - S Corporations (shareholders)
- Form 1041 - Trusts/beneficiaries
Each of these forms comes with an attached Section 199A Statement. You'll need this to enter your information into TurboTax using the following steps:
Note: If your TurboTax navigation looks different from what’s described here, learn more.
- Sign in to your TurboTax account and continue to your return.
- In the search bar, enter Schedule K-1, then select the Jump-to link in the search results.
- If the Jump to link doesn’t work, select the Federal tab, then Wages & Income (Income & Expenses for TurboTax Self-employed).
- Under S-corps, Partnerships, and Trusts, select Revisit or Start next to Schedule K-1.
- Answer Yes to the question Did you receive any Schedules K-1?.
- On the Tell us about your Schedules K-1 screen, select Update if you're adding info to a K-1 you've already entered, or if you need to, add another K-1 to an existing entity type.
- Continue through the interview until you get to the Check boxes that have an amount or are checked on the form screen.
- Check the appropriate box for your form and select Continue.
- On the next screen, enter the code (Z, V, or I) and amount from your K-1.
- Continue answering the interview questions until you get to the We see you have Section 199A income screen. Select the source of income and Continue.
- Check any applicable boxes on the We need some information about your 199A income screen.
- Only enter amounts from your Section 199A Statement, not any of the other boxes on the K-1 form. When you check the box next to a line, an additional box will open where you can enter the amount from your Section 199A Statement for that line.
- Select Continue and you’ll see the Let’s check for uncommon adjustments screen. Enter value(s) on Statement A that need to be changed and/or any business income received from a specified agricultural or horticulture cooperative on Statement C.
K-1 businesses that receive income from a specified agricultural or horticultural cooperative get an additional statement with their K-1 that reports the income, wages, and domestic production activity deduction (DPAD) for the business.
If your K-1 business fits this description:
- Sign in to your TurboTax account and continue to your return.
- On the Let’s cover some uncommon situations screen, check the box next to This business received income from a specified agricultural or horticultural cooperative (Schedule C). Additional boxes will open for you to make entries.
- Enter the values corresponding to your situation, then select Continue.
