Which version of TurboTax do I need for a K-1?

TurboTax Premier or higher. Deluxe doesn't support K-1 entry. TurboTax Online Premier works. Desktop Premier also works. Free and Deluxe versions will prompt you to upgrade when you try to enter K-1 data.

Does TurboTax track my MLP basis?

No. TurboTax processes each year's K-1 data but does not maintain a running basis calculation. You are responsible for tracking your outside basis separately using the IRS Partner's Basis Worksheet methodology.

What is the PTP checkbox on the TurboTax K-1 entry screen?

PTP stands for Publicly Traded Partnership. Check this box for any MLP traded on a stock exchange. This tells TurboTax to apply PTP passive loss rules — PTP losses can only offset income from the same PTP, not other passive income.

How do I enter multiple K-1s in TurboTax?

Each K-1 is entered separately. Go to Federal > Wages & Income > Schedule K-1 and click "Add another K-1" for each one. Energy Transfer investors must enter 3 separate K-1s with three different EINs.

Can I enter my K-1 in TurboTax before the official release date?

No. You must wait for your actual K-1 from the partnership. Do not estimate or use prior year numbers. If you need to file before your K-1 arrives, file an extension (Form 4868).

What do I do with K-1 Box 20 codes in TurboTax?

Box 20 contains supplemental information with lettered codes. Code AH (§199A QBI) is the most common — TurboTax will ask you to enter it on a separate screen after the main K-1 entry. Enter exactly what's on the K-1 supplemental statement.

How to Enter a K-1 in TurboTax — MLP Step-by-Step Guide (2026 Filing)

TurboTax can process your K-1, but it won't track your basis, catch §751 recapture, or warn you about state filing obligations. Here's how to enter it correctly — and what TurboTax won't tell you.

By Lucas Andersen — Last updated February 28, 2026

Which TurboTax Version Do You Need?

TurboTax Premier or Self-Employed is required for K-1 entry. TurboTax Free and Deluxe do not support Schedule K-1. Both Online and Desktop versions of Premier work — Desktop is slightly faster for entering multiple K-1s.

Step-by-Step K-1 Entry

Navigate to Federal > Wages & Income > Schedule K-1 (Form 1065). Enter the partnership name, EIN, and your partner number. Check the "Publicly traded partnership" box for any exchange-traded MLP. Enter Box 1 through Box 20 values exactly as shown on your K-1. Values in parentheses are negative.

The PTP Checkbox

The PTP designation activates special passive loss rules under §469(k). PTP losses can only offset income from the same PTP — not other passive income. Forgetting this checkbox causes incorrect passive loss netting.

What TurboTax Won't Tell You

TurboTax does not calculate your IRS-adjusted basis, track basis erosion, warn about §751 recapture, verify your broker's 1099-B basis, or file non-resident state returns for MLP state-source income. It's a form-filler, not a basis tracker.