I own MLP's and would like to download the information into Turbo Tax. Can this be done instead of me doing it manually?

[DDollar · Accepted solution]

If your MLP participates and distributes their K-1 through Tax Package Support you can.  Go to www.TaxPackageSupport.com  and locate your MLP.  You will be able to create a Turbotax file, which you can import through the Turbotax interview.  Its not perfect -- you'll still have to manually enter any prior year suspended losses for example -- but it may be better then doing everything manually.

If you are not able to import K-1 information into the program, you will have to enter the information manually. To do so:

1. After sign in / select Take me to my return / 

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

Enter the information for from your K-1 as prompted by the program.

[nexchap]

You may want to revise this.  Any MLP that distributes its K-1 through <a rel="nofollow" target="_blank" href="http://www.TaxPackageSupport.com">www.TaxPackageSupport.com</a> includes a link to create a Turbotax file, which you can import through the Turbotax interview.  Its not perfect -- you'll still have to manually enter any prior year suspended losses for example -- but it may be better then doing everything manually.

[DDollar]

Thanks!  I will.

[saharris24]

Will you have to manually enter prior year carry overs each year or just the first year that you use the import .pfx function?

[nexchap]

@saharris24 This is a pretty old thread, so I'm not sure how valid the old caveats are.  I personally haven't tried the import function in several years, so can't answer one way or another.  But its worth pointing out that, regardless of how well the import function does, MLPs bring so many entries and codes that its worth double checking every entry anyway.  Its also important to review the entries in Forms mode, since some entries (e.g. 13K) aren't handled by TT.

[Michaeol]

This is no longer a true answer.  At Taxpackagesupport.com, the only option is a downloaded PDF that you have to add manually to Turbotax.

[HeatherPLO]

You are commenting on an older thread that may have outdated information.  Please post your question here and we will be happy to help further.  

@Michaeol