cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

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

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.

1 Best answer

Accepted Solutions
Level 10

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

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


9 Replies
Level 10

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

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


Level 1

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

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
Level 2

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

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?
Level 14

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

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

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

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.
Level 14

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

"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!  
Level 14

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

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
Level 14

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

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.
Level 1

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

.