If you can somehow get the K-1 in a .txf format, you should be able to import it.
See https://ttlc.intuit.com/community/entering-importing/help/how-do-i-import-from-the-txf-file/00/25642
If you can somehow get the K-1 in a .txf format, you should be able to import it.
See https://ttlc.intuit.com/community/entering-importing/help/how-do-i-import-from-the-txf-file/00/25642
It depends. The TurboTax Premier and Home and Business Download versions will import a K-1 if it is available in TXF format. From the top menu select File>>Import>>From Accounting Software>>Other Financial Software (TXF file).
You cannot import a K-1 using TurboTax Online.
I've imported txf to TT premier. K1 not showing up in return.
If it didn't record, then enter manually.
If online:
S-corps, Partnerships, and Trusts
Schedule k-1
For the software;
why can't the software do a simple task of importing K1s. A large percentage of K1 are now available online and can be downloaded into any format. My issue in the past is that the software will only allow one import. Has that be corrected for 2022.
I do not believe anything has changed in this respect for the 2022 tax year.
The IMPORT DOCUMENTS function used to be accessible from the WAGES & INCOME > IMPORT SUMMARY tab but with 2023 (Premier) a .txf document has to be entered using the FILE > IMPORT > FROM TXF FILES command.
J
Are you currently using the online version or the desktop version? @carraed
I am using desktop Premier version on a mac. I went through the process with phone support and got to someone who could figure it out. Turbotax took the link for importing documents such as .txf files away from the the import function for banks & brokerage connections (where the had it in previous years). It is still available from the top "File" dropdown menu to >Import.
Thank you for the follow up.
j
Hi there,
I have some stocks traded issued a K1 form, my brockage included those transactions in 1099. I also imported K1 file to TT, do I need to adjust form 1099 to avoid double tax (if any)? thank you.
Your brokerage statement should have not reported any information on the k1 on your 1099div. The k-1 reflects all your reporting taxable information. There should be not double counting if you are reportable information strictly from the k1 and 1099s.
For tax year 2022 I was able to download and import 8 different K-1's. I still had to enter a few items by hand but the folks at Tax Package Support (where all my K-1's were stored) tell you which items are not automatically downloaded. After you download it to your computer and then upload it into TurboTax (I was using Premier Investment and Rental Property, CD version from Costco) the file populates almost all the areas that you would need to enter by hand. Just this reason alone will keep me purchasing Turbo Tax for my K-1 sanity. Such a time-saver! The one "glitch" was that it said my MLP's had rental income, when none did. It was easy enough to fix, just uncheck a box.
And the process to upload the K-1 download remains the same: From the top menu select File>>Import>>From Accounting Software>>Other Financial Software (TXF file).
Thank you for providing how this was able to work for you.
Please let us know if we can assist you further. @JEFFETT
Using Turbo Tax Premier for tax year 2022 need to know how to import K-1 .txf file. I see no option to do this.
Above is a screenshot of where the tab is buried in TurboTax to import your txf file. You can click on the screenshot to enlarge it. The tab where you'll find the import option is under"File", up in the Top/left corner of your screen.
After clicking on "File/Import/From Accounting Software, choose "Other Financial Software (TXF. file)" and browse your computer for the files you downloaded earlier from Tax Package Support (assuming your MLP has K-1 info uploaded there. My 5 companies did). My info from Tax Package Support was in my downloads folder, and I had 8 different files. Four K-1's from the same company that was held in 4 separate accounts, plus 4 more K-1's from 4 other different MLP's. Import each one into TurboTax separately and fill in the missing info that doesn't get imported (I had a couple of things, one of which was some info in box 20 that I had to input by hand).
Take your time and practice patience 😆. I had a box (rental income) get checked by default that then wanted me to fill in additional info. Took me a bit to figure out where the hiccup was until I realized that MLP didn't have any rental income, so the additional info wasn't necessary. Once I unchecked that box, the request for additional info went away. So double-check the info that was uploaded against the K-1's you were mailed (or printed out). K-1's are still cumbersome, but the ability to upload most of the info into TurboTax and have most of it populate the form is a big timesaver.
Importing 1 or more K1's that you from MLPs into TurboTax
Can't for the online version. Can for the download Premier version. I think you can for download Deluxe too, but to get the guided interview questions, it must be Download/CD Premier version.
How to?
1. First, download all your K1 .txf files to your local harddrive. Most can be found at www.taxpackagesupport.com.
a. Find your first one from the list at said URL. Login, where you download your tax package, go the 3 vertical dots, and choose "Export to TurboTax" and save to your local harddrive. I renamed each file because I had many K1s. For instance for USAC, I renamed the file "turbotax.txf" to "USAC_turbotax.txf".
b. logout.
c. Choose the next MLP security, login to that and download that one too same way you did with the previous K1.
d. Repeat above steps till all your K1s are downloaded onto your local harddrive.
2. Back in TurboTax Premier Download, you see at the top, File, Edit, View,.... choose "File".
3. Import > From Accounting Software
4. A box should appear. Choose "Other Financial Software (TSF file) and follow the onscreen prompts.
You can only import one K1 at a time. To get them all, do the first one, then go back to
File -> Import > From Accounting Software - repeat the steps you did before to get the next one. Again and again till you have all your K1s imported into Turbo Tax.
I hope this helps. I had a hard time finding these steps with my searches in this community.
You mention folks at Tax Package Support helped you with the K1s. Is Tax Package support part of TurboTax support?
No, tax package is not part of Turbo Tax. You have to ask them if they have your K-1 in a .txf file you can import. Read all the posts above.
No @Nitabai, it's not affiliated with Turbo Tax. Here's the link to the website where you can get your K-1 statement in a .txf file format:
https://www.taxpackagesupport.com/
Thanks @JEFFETT . Looks like it is a PWC service which is free. They dont seem to have all K1s. For example they dont have KKR.
symbol KKR converted from a partnership to a corporation in 2018 so 2018 would be the last k-1
https://finance.yahoo.com/news/private-equity-firm-kkr-convert-104823793.html
if it the K-1 is not on the Tax Package Support website you can try to find its website and then go to investor relations
@Mike9241 I was looking for K1 for KKR INfrastructure Conglomerate LLC which is a partnership. They still issue K1