Hi,
I've been using TurboTax (online and desktop) for years.
Over time the number of my K-1s has grown to around 50 (don't ask why :D), and TurboTax is famously terrible with handling K-1s (super long wizard, inability to enter 2 types of income on a single form, inability to handle S199A aggregations in a convenient way, inability to handle foreign address K-1s or K-1s without EIN etc.).
Any ideas for creative ways of entering those efficiently? Form view in TT Desktop? Some online PDF to TXF conversion + TT TXF import? Getting a full-service version of TT and having a human enter those (is it possible?)? I'm pretty desperate and was considering even buying Intuit ProSeries for myself only to take advantage of their K-1 PDF import feature (but even that doesn't work great with state taxes).
I've tried CPAs in the past, but they make soo many mistakes with K-1s and forms 8938 that supervising them is even worse.
Any suggestions?
there is no efficient way to handle k-1 data unless it's from a publicly traded partnership and they offer a Turbotax export file - XXXXX.txf which you can import (change the name of the file to that of the partnership leaving the.txf. sadly these download as "Turbotax.txf" that will result in one big mess if you don't. Warning!!!!!! if you can import you are responsible for the accuracy. Usually some items need additional work, especially in the QBI.199A area. If the k-1 reports excess business interest expense - Turbotax does not handle this nor does it even include form 8990 which is required. also K-3 info is a separate package that doesn't import.
however, Turbotax asks for more info that is needed certain parts can be skipped like item B except for name, C all J,K and L items - It dioesn't use them and they are not reported. The other thing you are on your own is if there are losses and they exceed your at-risk amount or basis. Turbotax does do at-risk form 6198, but tax basis can be different than at-risk and Turbotax asks nothing about this.