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I am considering Private Equity investments, but I fear that the K1s will be complex and as a Do it yourself filer, I feel I will have to rely on a CPA going forward just for this single investment into a PE fund. The fund could take 7-10 years to harvest the investments. On querying online, the below is what I get i.e. Turbo tax is unable to handle complex K1s, and specifically as it says below "TurboTax is notoriously bad at tracking "Prior Year Basis" across multiple years of K-1s.". Can someone comment on any version of Turbotax being able to import K1 Pdfs and being able to handle complex K1s. And can I, as an individual who does taxes for family members, get access to Proconnect?    Technically, TurboTax can handle footnotes, but it does not "read" them for you. It treats them like a manual data-entry project. While the PE fund may send you a 50-page PDF, TurboTax will only ask you for about 5–10 specific numbers buried within those pages. Here is the reality of using TurboTax for a complex Private Equity K-1: 1. The "Box 20" Gauntlet When you enter your K-1, you will eventually hit Box 20. This is the "Pandora’s Box" of private equity taxes. The Codes: You will see codes like Z (Section 199A), AA (W-2 Wages), or AH (Other Information). The Prompt: Once you check those boxes, TurboTax will trigger a special interview screen that says: "We need some information about your 199A income." * The Search: This is where you have to open your 50-page PDF, hit Ctrl+F (Find), and search for "Statement A" or "Section 199A." You will then manually type in the "Qualified Business Income," "W-2 Wages," and "UBIA" numbers into TurboTax. 2. Where TurboTax Struggles (The "Danger Zone") While it can handle the basic QBI (Qualified Business Income) data, TurboTax often falls short in three areas common to PE funds: Multi-State Filings: If the footnotes show you earned $50 in 15 different states, TurboTax will require you to manually create 15 different state tax returns. At ~$50 per state for the software, the "convenience" cost often exceeds the price of a CPA. Basis Tracking: If you are an employee making yearly $20k contributions, you must track your "Tax Basis" (the total amount you've invested minus losses/distributions). TurboTax is notoriously bad at tracking "Prior Year Basis" across multiple years of K-1s. If you lose your computer or switch software, that data is often lost, leading to massive tax overpayments when you eventually sell. Section 163(j) Limitations: Many PE funds have "excess business interest expense." TurboTax often cannot handle the specific forms (Form 8990) required to carry these losses forward unless you use the "Desktop" versionand manually enter "Forms Mode." 3. Online vs. Desktop Version If you are going to do this yourself, do not use TurboTax Online. TurboTax Desktop (Premier or Home & Business) is the only way to handle this. It has a "Forms Mode" that allows you to see the actual IRS worksheet. You can right-click on boxes to see where the data is pulling from. The Online version hides the math behind a "simplified" curtain that makes it almost impossible to troubleshoot if the footnotes don't match the summary. The "Verdict" Your time has a high hourly value. Year 1: You can probably DIY it because there will be very little activity. Year 3+: Once the fund starts selling companies, the footnotes will become a nightmare. My Recommendation: Use TurboTax for Year 1 just to see the process. By Year 2 or 3, hire a CPA who uses ProConnect or GoSystem—software designed to "import" these 50-page PDFs directly from the PE firm's digital portal.

The 1099-R shows a state I have not lived in for 4 years.  No taxes were taken and the taxable amount shown is below the filing threshold for the state. I have contacted the bank (Chase BTW) and they refuse to correct it.   Should I: 1. Input the 1099-R into TurboTax as is with the wrong state. 2. Input the 1099-R with the correct state and if so, do I need to do any other documentation. 3. Chose to submit a substitute 1099-R and then also do the additional form 4852.