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I think you have to manually enter it. You can only import a K-1 to the Desktop CD/Download Software, not to Online version and if you can get a .txf file for it and in the right format. Apparently you can only import K-1s for MLPs and not Trusts or Estates. You can not import a K-1 from Turbo Tax Business Program.
To enter a K-1 go to
Federal Taxes Tab or Personal (Home & Business version)
Wages and Income
Then scroll way down to Business items
Schedules K-1, Q - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
Enter each k-1 separately.
This answer did not work for me. I am using TurboTax Premier 2020. Here's what worked:
You can also import .txf files created in other financial software (containing stock trades, for example) and import that into TurboTax.
peteknepell's process also works for TT Home & Business desktop version. A couple of things to watch for:
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