Can you download a K-1 into TurboTax, if so how?

[Mike9241]

some k-1 issuers offer a Turbotax transfer file it will end  in .txf

look for a link on their website. many K-1s from publicly traded or master partnerships are available through the Tax Package Support website. most of them offer this file but you may have to search the links at the top of the partnership page

https://www.taxpackagesupport.com/ 

download to your desktop

then select import from the file tab

for type, select bother accounting software

then follow the steps.

WARNING many times additional work will be needed to complete the k-1 entries  since some lines like 11a have many options 

[Richard2841]

How to import a K-1 into Turbotax using taxpackagesupport.com

Most k-1's are available on  taxpackagesupport.com for downloads to turbotax. Just go there, create an account, navigate to the list and select your issue. You may have to verify your identity. In most cases you will have received a K-1 from your broker and you can input the specific account number (for that k-1) to proceed. 

Entering K-1 info from taxpackagesupport.com directly into Turbotax:

First, determine if the particular file you want to download to turbotax is indeed available for that function  (most of them are but I had one that was not).  If you see three vertical dots to the right of the file line, click those dots and you will see the option to download the file to turbotax. Choose that option and then click download. (This action does not immediately download the file directly into turbotax. It only downloads it into your desktop program's download folder). And It will not name the file, it will only give it a number such as “turbotax-2.txf”. If you want to keep your files straight in your downloads folder for future clarity, immediately go to your downloads folder and rename that file by substituting only that number with a name that will identify the file for you later, for example, “turbotax-name.txf”. Okay, so now you’ve got the txf file in your downloads folder.

To import the TXF file to Turbotax-- I have a Mac and I am using the Desktop version.

Make sure Turbotax is open
Click on the dropdown File Menu at the very top left of your screen and choose “Import,” then choose "From TXF file."  
Assuming you have turbotax already open, a screen will pop up on Turbotax asking you where to get the tax information. Click "choose a file." Go to your downloads folder and choose the file you want to download. For further help, check out Jason Knott’s very informative video on you tube: TurboTax 2022 Form 1040 - Publicly Traded Investment (PTP) Schedule K-1

[harrismckee5]

The issuer of my K-1 advised me that the tax law changes had made a Turbo-tax download too complicated and they provided the K-1 forms on a pdf for me to enter manually into Turbo-tax. I did so and found the manual entry straightforward and surprisingly easy.

[Richard2841]

Yes, I agree with that.  And that is why after downloading the K-1 from taxpackagesupport, I don't mess with Turbotax's "walk-through" method but Instead I go straight to "Forms" and access the specific K-1 worksheet and check,  verify and correct any information.  Generally, I have found that most of the information is correct. It just saves most of the hassle of having to input all that stuff manually.