Filing K-1 forms with Turbo Tax for income on personal tax return.

I get a K-1 due to an LLC I'm in (for the family farm). I get an accountant to do it for me then just enter the K-1 information into the appropriate fields in Turbo Tax's K-1.

In TT there is an option to contact a professional accountant (they can do a phone call or web session with cameras and such, it's your choice). I had to do that a couple of times when the wife was working in NYC, it went very well.

I've done TT for a couple decades now. It shows how unnecessarily complex our income tax structure can be (both federal and state, especially some place like New York City, jfc... ).

I’m selling the stock because of this.

Did you enter the k-1 form yourself in TT?

TT will guide you. If it's incorrect TT will mention any issues when it's time to file.

I enter K-1s in TT. It's rather straight forward. Follow the prompts as asked and you should be fine.

There is a query function in TT if you desire more guidance.

I've always purchased the TT agent help function just in case I have questions whereas I prefer a real-time conversation. It's hit or miss with them as most are just reading from content provided; however, sometimes someone with real knowledge is tabbed.

Get an accountant

I get a K-1 for a PE fund I’m in. Fortunately it’s held in an IRA so I avoid the headaches for now. I’ll roll it into a standard fund before I start taking withdrawals.

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PAA, ET, and SUN are the stocks.

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Public Traded Partnerships.

I add $100 per PTP K-1 per year to tax prep invoices. They are a significant PITA from a tax point of view.

They are basically a deferred tax vehicle. You get some distributions now and don't have to pay tax on it now.

But when you sell them, you will get to learn the concept of depreciation recapture and ordinary income, and adjusted basis.

So the tax deferral better be worth it!

And for the love of God please don't put these in an IRA.

Click “Help” type in “K-1”

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Filing K-1 forms with Turbo Tax for income on personal tax return.
Anyone have any tips on how to do this properly…

I’ve gotten 3 K-1 forms from some partnerships I own stocks for apparently. These forms have a ton of lines and attachments. Seems like they also supplied some extra info that goes with a K-3 forms but doesn’t have the boxes per the TurboTax questions specifically called out for.


Turbo Tax is asking some additional questions I’m not sure where the info is that I need to answer from the files.


PAA, ET, and SUN are the stocks.

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I'm in the same situation. I even work for one of the partnerships you referenced.

I've been using Turbo Tax for almost 20 years & inputting the K-1 form data is the only difficulty I've ever encountered. It's awful & I'm sure I've made some mistake, but I just did the best I could & filed anyway.

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And for the love of God please don't put these in an IRA.

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Why not? Seems like a pretty good idea.

I've never used Turbo Tax, but the IRS already has the K-1s since they were submitted with the parent form (1065, 1120, 1041 or whatever).

You should just be accounting for the income within your personal taxes, so it should be fairly straightforward. Honestly, I've never had to do more than enter a line or two to show the income, since they already have the K-1 itself that was filed by the Partnership, S-Corp, or Estate/Trust.

What kind of stuff is TT asking?