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If I successfully imported my brokerage statements do I need to separately enter K1 information?

 
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2 Replies

If I successfully imported my brokerage statements do I need to separately enter K1 information?

Yes, because you almost certainly only imported the 1099-B statement from your broker.

 

In order to transfer K-1 information into TurboTax, the K-1 information needs to be in the .txf file format.

 

See https://ttlc.intuit.com/community/entering-importing/help/how-do-i-import-from-the-txf-file/00/25642

 

Otherwise, you need to enter information from your K-1(s) manually.

Anonymous
Not applicable

If I successfully imported my brokerage statements do I need to separately enter K1 information?

and you really need to check your brokerage import against the actual brokerage 1099.    certain information may not be imported or may be incorrect.   there might be security sales with no cost info.   certain OID info may not be imported.   certain state muni income info may not be imported.   remember this is a do it yourself return. if certain info isn't imported or is imported incorrectly, it will be you responsibility to pay any additional taxes and any ensuing penalties and interest.  it is even possible that you will over report your income.   

 

 

and yes k-1 info needs to be entered from them.  brokerages don't receive the k-1's       

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