Can I import a K-1 into my tax return.

[tagteam · Accepted solution]

If you can somehow get the K-1 in a .txf format, you should be able to import it.

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

[DavidS127]

It depends.  The TurboTax Premier and Home and Business Download versions will import a K-1 if it is available in TXF format.  From the top menu select File>>Import>>From Accounting Software>>Other Financial Software (TXF file).

You cannot import a K-1 using TurboTax Online.

[slante9]

I've imported txf to TT premier.   K1 not showing up in return.

[DaveF1006]

If it didn't record, then enter manually. 

If online:

1. Go to federal>income and expenses

2. S-corps, Partnerships, and Trusts

3. Schedule k-1

For the software;

1. Go to federal>wages and income
2. Business Investment and Estate Trust income
3. Schedule K1

@slante9

[carraed]

why can't the software do a simple task of importing K1s.  A large percentage of K1 are now available online and can be downloaded into any format. My issue in the past is that the software will only allow one import.  Has that be corrected for 2022. 

[tagteam]

I do not believe anything has changed in this respect for the 2022 tax year.

[jj148]

The IMPORT DOCUMENTS function used to be accessible from the WAGES & INCOME > IMPORT SUMMARY tab but with 2023 (Premier) a .txf document has to be entered using the FILE > IMPORT > FROM TXF FILES command.

J 

[CarissaM]

Are you currently using the online version or the desktop version? @carraed 

[jj148]

I am using desktop Premier version on a mac. I went through the process with phone support and got to someone who could figure it out.  Turbotax took the link for importing documents such as .txf files away from the the import function for banks & brokerage connections (where the had it in previous years).  It is still available from the top "File" dropdown menu to >Import.
Thank you for the follow up. 

j

[fan17]

Hi there,

I have some stocks traded issued a K1 form, my brockage included those transactions in 1099.  I also imported K1 file to TT, do I need to adjust form 1099 to avoid double tax (if any)? thank you.

[carraed]

Your brokerage statement should have not reported any information  on the k1 on your 1099div. The k-1 reflects all your reporting taxable information. There should be not double counting  if you are reportable information strictly from the k1 and 1099s.

[JEFFETT]

For tax year 2022 I was able to download and import 8 different K-1's.  I still had to enter a few items by hand but the folks at Tax Package Support (where all my K-1's were stored) tell you which items are not automatically downloaded.  After you download it to your computer and then upload it into TurboTax (I was using Premier Investment and Rental Property, CD version from Costco) the file populates almost all the areas that you would need to enter by hand.  Just this reason alone will keep me purchasing Turbo Tax for my K-1 sanity.  Such a time-saver!  The one "glitch" was that it said my MLP's had rental income, when none did.  It was easy enough to fix, just uncheck a box.    

And the process to upload the K-1 download remains the same:  From the top menu select File>>Import>>From Accounting Software>>Other Financial Software (TXF file).

[CarissaM]

Thank you for providing how this was able to work for you. 

Please let us know if we can assist you further. @JEFFETT 

[aey]

Using Turbo Tax Premier for tax year 2022 need to know how to import K-1 .txf file.  I see no option to do this.