Is this a K-1 from an 1120-S? Are you using TurboTax Business?
TurboTax will not import (directly) a K-1 into the program; you need to enter the information manually.
TurboTax Business generally will have issues if you try to import a PDF; transfer the .tax2018 file instead.
Yes. we r using Turbo Tax Business to do an 1120, and to do 1099's to contractors we paid
@information2 wrote:
Yes. we r using Turbo Tax Business to do an 1120, and to do 1099's to contractors we paid
I understand, but I am still not certain exactly what you are trying to accomplish. Transfer the corporations's 2018 return into the 2019 program? Issue 1099s to contractors? It says, "can't read file"? Please specify.
It is NOT a K1
just need to fill out 1099's to contractiors
That section is on the front screen of the program, as soon as the program starts (see screenshot).
I am trying to transfer the corp. 1120 2018 return into the 2019 program. The 2018 tax forms 1120 are in my computer in pdf ! I can see them and I can open them. But when I drop them into the Turbo Tax 2019 program, I get the message: Sorry unable to read the file. Why? Every other year since 2010 Turbo Tax successfully transferred the previous year's return.
I thank you sincerely for any help you may be able to provide.
Frank
@information2 wrote:
The 2018 tax forms 1120 are in my computer in pdf ! I can see them and I can open them.
You have to look for your xxxxx.tax2018 file, not the PDF (which will not transfer into the Business edition).
Since 2010, the only way Turbo Tax saved my tax files was in pdf, and every year since 2010 it always imported the previous year's pdf tax form.
Now it does not and I do not have last years tax forms saved in any other format.
Why has changed in Turbo tax?
@information2 wrote:
Since 2010, the only way Turbo Tax saved my tax files was in pdf, and every year since 2010 it always imported the previous year's pdf tax form.
The screenshot below is from Windows Explorer on one of my PCs that contain some test returns prepared with TurboTax. As you can see, they all have the .taxXXXX (where XXXX is the year) extension.
PDFs can be imported (transferred) but they do not contain anywhere near the amount of information as do the .taxXXXX files.