How to transfer US K-1 (form 1065) to T5013

[johnreece]

I too have received K-1s from an American ETF that my Canadian financial advisor traded on my behalf. My advisor's office said I needed to enter T5013s from the information on the K-1s when I enter my taxes. But I can't find any information on how to complete T5013s from K-1s online.

I use TurboTax to complete returns for my wife and me. Am I going to have to use an accountant this year?

[TurboTaxSusan]

@johnreece If you are using TurboTax Online, you can search for “T5013” on the Tax Home page. 

If you are using TurboTax Desktop in EasyStep mode, select Income & Expense>T-Slips from the left side menu. Then you can check off the T5013 and then continue through the pages until you get there. 

If you are using TurboTax Desktop in Forms mode, you can search for the T5013 by clicking on the Forms icon in the blue icon bar.

[johnreece]

I know how to access the T5013 form in TurboTax online. However, the K-1 does not provide the identifying information required to complete the T5013. In particular, the T5013 requires a CRA 15 digit RZ number for the filer while the K-1 has only their EIN a number only used by the IRS.

[TurboTaxSusan]

@johnreece If it was a limited partnership, then you can enter you Net partnership income (loss) on the page "Partnership Income Not Reported on a T5013".

[johnreece]

Thx for your guidance

[sjk88]

This is very confusing! I also have a K1 Form 1065 and am unsure which amounts in Part III to enter in the Canadian Premier version of TurboTax. I am using the Foreign Slip form but can anyone tell me which boxes/amounts on the K-1 to put on the Foreign Slip? For example, on this slip, there are 9 boxes, titled things like "Foreign income and dividends", "other foreign income", "Foreign capital gains/losses" and "Foreign Tax Paid" but those don't match anything on the K-1. Do I add up boxes 5, 6a and 6b on the K-1 (interest income, ordinary dividends) to fill in the "Foreign income and dividends" box in TurboTax? Does Box 1 "Ordinary Business income/loss" on the K1 go in the "Other Foreign income/loss box on TurboTax? Can anyone provide specific information on which boxes on the K-1 go into which boxes of the Foreign Slip page in the Canadian version of TurboTax?

[TurboTaxVeronique]

The Canadian equivalent of Schedule K-1 is the T5013. K-1 splits partnership earnings so that earnings can be taxed at an individual income tax rate instead of the corporate tax rate. 

As we are the tax software support, we suggest you to contact CRA to exactly know where in your return you have to enter this information and have a proper answer related to your specific situation.

Contact the Canada Revenue Agency (CRA)

Thank you for choosing TurboTax.