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Why does turbo tax creates a second k-1 when importing current year data into existing k-1
When I import .txf files from tax package support website TT creates a new entry rather than updating info from previous year's entry which was imported into the 2016 version of my return. Why isn't the current information imported into the existing entry and updated for current year? Is there a method to import or must I manually input year 2016 info?
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Why does turbo tax creates a second k-1 when importing current year data into existing k-1
The .txf import function does not update or replace (override) K-1 information that transferred from last year - it just imports the entire current year K-1.
]You can, however, go to Forms Mode and delete/remove the shell K-1 that transferred from your 2015 tax file. That is an extra step but much faster than manually inputting 2016 K-1 figures.
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Why does turbo tax creates a second k-1 when importing current year data into existing k-1
The .txf import function does not update or replace (override) K-1 information that transferred from last year - it just imports the entire current year K-1.
]You can, however, go to Forms Mode and delete/remove the shell K-1 that transferred from your 2015 tax file. That is an extra step but much faster than manually inputting 2016 K-1 figures.
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Why does turbo tax creates a second k-1 when importing current year data into existing k-1
The behavior (Turbotax creates a second K-1 when importing current year data) seems to occur in the import of data into Sch C and Sch F as well.
- When importing from Quicken (for example) the interface from there into TurboTax does NOT give the user an opportunity to add the import data into an EXISTING form or a NEW form.
- An user interface enhancement should be created to allow the imported data to land properly
- If the data does not land properly into the correct tax form, then the linkage for deprecation in Asset Entries are thereby not linked into the same tax form as the imported data.
This is the purpose of this import feature to begin with, import data to the CORRECT form, not an arbitrary Untitled form
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Why does turbo tax creates a second k-1 when importing current year data into existing k-1
The problem with this solution is that K-1's that are imported do not have the passive tax loss carryovers included from the prior year. The only answer I have found is to delete the imported K-1 and manually enter the new year data to the K-1 information transferred from the prior year. Importing is only helpful for new k-1's. anyone have a better suggestion?
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Why does turbo tax creates a second k-1 when importing current year data into existing k-1
Last year I had two K-1s that I input manually. This year (2020 data) they both had TurboTax files .txf that I could import.
One of them merged the data with the data I put in last year.
The other one created a new file so I had to move the data from the old file to the new one, and then delete the old one.
I'd like to know what I need to do to have them combined in the future.
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Why does turbo tax creates a second k-1 when importing current year data into existing k-1
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Why does turbo tax creates a second k-1 when importing current year data into existing k-1
Same happens with Premier and Home&Business 2021 desktop version. Manual entry with StepbyStep or Form mode is better for repeat K-1s.
Besides not carrying over info from the previous year, box 20 info might not transfer as noted at https://ttlc.intuit.com/community/taxes/discussion/i-am-using-turbotaxonline-premier-how-do-i-import...
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Why does turbo tax creates a second k-1 when importing current year data into existing k-1
DID TURBOTAX EVER FIX THIS ISSUE? I HAD THE SAME PROBLEM IMPORTING A K-1 THIS YEAR. I WILL HAVE TO JUST MANUAL ENTER THE NEW K-1 FOR 2021 WITH LAST YEAR'S K-1. IMPORTING IS A WASTE OF TIME. VERY UNPRODUCTIVE
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