Which version to use for K1 income? Can I use online to import 1099's and the K1 forms? A few years ago, I tried to use Online, then when came to K1's it said I had to use download version which had more features. MY computer is pretty full so would like to avoid downloading more software. Thanks.
You need to use Online Premium or any of the Desktop programs to enter a K-1. 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.
It should be just as easy to manually enter the K-1.
To enter a K-1 go to
Federal Taxes Tab or Personal (Home & Business version)
Wages and Income
Then scroll way down to S-Corp, Partnerships and Trusts
Schedules K-1 - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S