Schedule K-1 Form 1065

OlGreenEyes
OlGreenEyes Member Posts: 1 Newcomer
in Income

Hi,

I already filed my return with FreeTaxUSA last week, but I just got a Schedule K1 in the mail. I attempted to amend the return but because this is a PTP FreeTaxUSA won't accept the form and says I have to use another tax service.

If I'm interpreting this K1 right, I only have $21 in income. I entered the form without checking PTP and it did not affect my return at all.

I really don't want to start over with TurboTax and pay them $150 or whatever it is — would I have to somehow withdraw my return first and re-enter everything in TurboTax?

I'm already broke and have been unemployed for 20 months. I don't need another headache here for 21 bucks. Any advice? It's really lousy that I got this form late and that FreeTaxUSA can't handle this PTP check box for some reason.

Answers

  • CoryF
    CoryF FreeTaxUSA Agent Posts: 203

    Hello OlGreenEyes.

    We understand the issues involved at this time. To report the income properly, we do advise you to file the Amendment with the correct Schedule K-1 entered. We do not support filing the Schedule K-1 (Form 1065) for the Publicly Traded Partnerships (PTP).

  • 19LChaney34
    19LChaney34 Member Posts: 2 Newcomer

    I have two Schedule K-1 to deal with and I have no clue, as I don't see any reference to it.

    19LChaney34

    Oops I have this question and being here for the very first time I think I should not be here but somewhere I can ask the question. Where?

  • kiarab
    kiarab FreeTaxUSA Agent Posts: 127

    Hello 19LChaney34,

    You can start a new discussion or you can contact customer support. There are several different types of Schedule K-1s; S-corp, Partnership, and Estates and Trusts. Generally, the software guides you through the process, but we are here to help if you have any additonal questions.

Categories