I am using turbotaxonline (premier). How do I import a .txf file for a K-1 into my return. Thanks

[VolvoGirl]

I think you have to manually enter it.  You can only import a K-1 to the Desktop CD/Download Software, not to Online version and if you can get a .txf file for it and in the right format.   Apparently you can only import K-1s for MLPs and not Trusts or Estates.   You can not import a K-1 from Turbo Tax Business Program.

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down to Business items

Schedules K-1, Q - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

Enter each k-1 separately.

[peteknepell]

This answer did not work for me. I am using TurboTax Premier 2020. Here's what worked:

You can also import .txf files created in other financial software (containing stock trades, for example) and import that into TurboTax.

1. Open (continue) your return in TurboTax.
2. From the TurboTax File menu in the upper-left corner, select Import followed by From Accounting Software (Windows) or From TXF Files (Mac).
3. Follow the instructions

[bclee]

peteknepell's process also works for TT Home & Business desktop version.  A couple of things to watch for: 

• Box 20 info may not be imported.  If it isn't, enter it manually using the Forms mode.
• If K-1 info was entered in the previous year, carryover info may not be included in the imported version.  Check the info from the Forms mode.   If this happens, delete the imported version and enter the info manually in StepbyStep mode.