If you are using the CD/downloaded Premier or Home and Business version of TurboTax (not the Online version), then a K-1 may be imported as long as it is in the .TXF format.
Go to the top line menu and select File > Import > From Accounting Software > Other Financial Software (TXF file).
Otherwise, use the information in the following TurboTax article to enter the K-1 information manually:
Can't TurboTax import from taxpackagesupport.com electronically?
This 1065 K-1 is very confusing to fill out given the actually interaction is merely based on the company shares traded through a brokerage, not to mention its K-3 can be late in the middle of the year.
We do not import from that website.
Please follow the instructions here to add the K1 to the return.
Please click here to contact us by phone for further assistance. @farleylai
How to import a K-1 into Turbotax using taxpackagesupport.com
Most k-1's are available on taxpackagesupport.com for downloads to turbotax. Just go there, create an account, navigate to the list and select your issue. You may have to verify your identity. In most cases you will have received a K-1 from your broker and you can input the specific account number (for that k-1) to proceed.
Entering K-1 info from taxpackagesupport.com directly into Turbotax:
First, determine if the particular file you want to download to turbotax is indeed available for that function (most of them are but I had one that was not). If you see three vertical dots to the right of the file line, click those dots and you will see the option to download the file to turbotax. Choose that option and then click download. (This action does not immediately download the file directly into turbotax. It only downloads it into your desktop program's download folder). And It will not name the file, it will only give it a number such as “turbotax-2.txf”. If you want to keep your files straight in your downloads folder for future clarity, immediately go to your downloads folder and rename that file by substituting only that number with a name that will identify the file for you later, for example, “turbotax-name.txf”. Okay, so now you’ve got the txf file in your downloads folder.
To import the TXF file to Turbotax-- I have a Mac and I am using the Desktop version.
Make sure Turbotax is open
Click on the dropdown File Menu at the very top left of your screen and choose “Import,” then choose "From TXF file."
Assuming you have turbotax already open, a screen will pop up on Turbotax asking you where to get the tax information. Click "choose a file." Go to your downloads folder and choose the file you want to download.
For further help specifically related to TT and K-1's: check out Jason Knott’s informative video on you tube: TurboTax 2022 Form 1040 - Publicly Traded Investment (PTP) Schedule K-1