I am in a stock investment club that has used club accounting software for about 20 years that tracks deposits, stock transactions, dividends, expenses, etc, allocates those to members as a % of ownership at the time, and prints the club Form 1065 and K-1s for all members. Last year we owned a security that is a limited partnership (never again) and we will be receiving a K-1 from that company. Our problem is the software we use does not allow us to include data from the K-1 we will receive. I don't want to input 100 to 200 transactions again. Will Turbo Tax for Business allow me to input data that we have already generated for our 1065, and then add new data from the K-1 when we receive it, and reprint Form 1065 and K-1s for all members? The K-1 we receive generally uses different boxes on the K-1 (such as business gain/loss in Box 1) and does not change boxes currently used (such as gain/loss from the sale of our securities in boxes 8 and 9a). I am hoping we can include our Form 1065 data without having to input all supporting transactions, but revise member K-1 and e-file the whole package.
