Does the Home & Business version of Turbo Tax allow import of K-1 Schedules or do I have to enter the data manually?

No, TurboTax Home & Business version does not allow the import of Schedule K-1s.  

 

In fact, you will not be able to import K-1 information in any of the TurboTax programs. You need to enter the information manually through the step-by-step interview questions by following the prompts:

 

1. After sign into your account, select Pick up where you left off

2.  At the right upper corner, in the search box, type in K1 and Enter 

3.  Select the 1st choice on the search results - Jump to K1

4.  On next screen, Schedules K-1 or Q, make your selection and Continue  

 

The program will allocate the entries or information onto your return or guide you to enter the information in the appropriate areas accordingly. 

 

 

Does Turbo Tax have a limit on the number of K1s it will issue.  I entered 15 members and then after that it automatically enters and removes each member over 15.  It automatically checks the boxes for "First Year Member" and "left the Company:.

It would be helpful to have a TurboTax ".tax2022" file that is experiencing this issue.

 

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

 

At the top menu in the black line at the top of the page go to Online. 

1. From the menu, select Send Tax File to Agent. 
2. You will see a message explaining what the diagnostic copy is.  Click Send and then you will get a Token number. 
3. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

 

@Shaw 1958