How do I import a K-1 (form 1065) file into turbo tax

[bobdeclercq]

I received a schedule k-1 (form 1065) for an investment I owned. I downloaded an electronic file but don't know how to import it into turbo tax so I don't have to enter it manually.

[LindaBelmont · Accepted solution]

If you are able to download the data into a txf file, you can import it. Some firms provide the txf and others do not.  See this FAQ for details

https://ttlc.intuit.com/replies/3300056

[clint483]

If I import my K-1 info via a "txf" file, I will have two K-1's. ... Last years taxes included a K-1 for the same partnership. So, this year's taxes on Turbotax having imported info from last year's taxes, calculated with Turbotax, just happens to start my tax computation with a K-1. Importing this year's K-1 data with a "txf" file adds another K-1, so I'll have two K-1's entered when I only need one. How do I make my first K1 the target of the data imported from the "txf"?

[mz]

I have EXACTLY the same problem: this seems to be TurboTax BUG: i.e. when you import K-1 data into TurboTax (.txf), if you have filed K-1 for this one last year, you'll end up with TWO K-1 entries - USELESS. HOW TO PROCEED with this? Any workarounds for this BUG? Anyone FIXING it?

[ScruffyCurmudgeon]

See answer below on deleting an extraneous or prior year K-1

[cool_kiwi]

But if you delete a prior year K-1, then you would lose any carryovers. This would seem like an issue that more clarification is required from Intuit.

[ScruffyCurmudgeon]

"If the K-1 is extraneous"  - many people are discovering  that they have a K-1 in their filing when they start that is no longer relevant to them!  

[ScruffyCurmudgeon]

DOWNLOADING & IMPORTING MLP/PTP PARTNERSHIP K-1s

You must first log in to www.taxpackagesupport.com (or equivalent K-1 provider for MLPs and PTP partnerships) with your email address and your password.  IF you have not yet created an account, do that first.

Then, once logged in you will see a list of the many MLP PTPs supported on the left and on the right a  list of availability dates for the K-1 packages.

If yours is available and click on it and provide the verification information that PWC/TaxPackageSupport requires.  Once validated, you will see a screen showing both PDF for downloading the entire partnership tax package (do it and keep it as a record) and to the right an icon to down load the TXF file.

See 11 page PDF walk-through example.

1. Start with main menu "File" pull-down list and Import from Accounting Software
2. Select TXF
3. Browse to directory/folder containing the required TXF and click on it to select it
4. Choose to import
5. Verify the Details are the K-1 MLP or other TXF you are expecting to import
6. -11  Pages of the imported Schedule K-1

[ScruffyCurmudgeon]

DELETING AN IRRELEVANT OR PRIOR YEAR K-1 IF USING ONLINE TurboTax

Delete the prior year K-1 - it will be obvious because all its financial fields will be blank

The official answer for those who are online users is here:
https://ttlc.intuit.com/questions/2903043-how-do-i-delete-a-k-1
Note that you must take care to delete the prior year and not current year form and its worksheets.

DELETING AN IRRELEVANT OR PRIOR YEAR K-1 IF USING Desktop software TurboTax

I'll give a plug for using the desktop software instead!  Like most if not all "superuser" volunteers here, I use and can explain how to do this with the Desktop software which allows you to go to Forms Mode and actually see each form and its worksheets and gives a much simpler access to deleting forms that are wrong or irrelevant or carried forward from prior year and no longer needed.

Easiest way is to go to Forms Mode and open the K-1s and the one that is totally empty of financial data after you imported one this year can be deleted.

[MattLGreer]

I appreciate your helping with this capability of the software.

I cannot find any downloadable/importable file from the website www.taxpackagesupport.com.  I have entered/registered/confirmed and the only thing I can get is PDF files.  Do you have any suggestions?  According to the documentation I received in the mail, there should be a way to import the K-1 information directly into TurboTax (TurboTax is mentioned by name, actually).

Thank you for your help!

[tiger206]

Right, I would not delete if the prior year has carryovers from a continuing position in your portfolio.   I have pretty much resigned myself to not importing for any K-1 where I have a prior year K-1 already present in turbotax and just entering the current year's data manually.   Quite lame that there is no way to match up this year's import data with an existing K-1.

[tac1967]

I can download the k-1; it comes as a .txf file. when i try to open it to import into turbo tax, i get a message that says i need an app that allows me to open it. i do not have the app???  i am using an iMac.

[MichelleLO]

Please see How do I import from the .txf file? for assistance with importing your K-1. 

@tac1967

[jonkpeterson]

how do i save txf file to my computer?  after downloading it converts the txf file to pdf

[EbonyA]

Please review this FAQ @jonkpeterson.