Hello,
For the past three years, I manually entered my tax information related to my shares in Enterprise Products Partners L.P. into TurboTax. However, just recently, I learned that instead of entering the data manually, I can download the tax package as a TXF file to my computer and import it directly into TurboTax.
After importing the TXF file, I went to the Federal Taxes section in TurboTax. From there, I selected Wages & Income, then Business Items, and clicked on Schedule K-1 to input the necessary information.
Under the Partnerships/LLC section (Form 1065), I clicked on Update and reviewed the relevant information for the Schedule K-1.
After importing the TXF file, I noticed that there are two entries for Enterprise Products Partners L.P.—one for last year and the other for the current year, even though I only expected one entry.
I verified the data from the file I just imported, and everything was entered correctly. However, when I compared it with the old file from last year, I noticed that the old file includes Report Carryovers—Regular Tax, Report Other AMT Carryovers, and Report Qualified Business Income (QBI) Carryovers, but the new file does not contain this information.
My question is whether I should delete the old file and start using the new file going forward, so I can simplify the process and just import the data each year. I want to make sure that by using the new file, I won’t miss any important carryover details that could affect my taxes. Alternatively, should I continue using the old file to ensure those carryovers are properly accounted for?
Thank you
