How do I import a K-1 (form 1065) file into turbo tax

Forum|Forum|6 years ago
June 6, 2019
3 replies
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I received a schedule k-1 (form 1065) for an investment I owned. I downloaded an electronic file but don't know how to import it into turbo tax so I don't have to enter it manually.

TurboTax Premier Mac

Best answer by LindaBelmont

If you are able to download the data into a txf file, you can import it. Some firms provide the txf and others do not. See this FAQ for details

https://ttlc.intuit.com/replies/3300056

LindaBelmontAnswer

Employee

If you are able to download the data into a txf file, you can import it. Some firms provide the txf and others do not. See this FAQ for details

https://ttlc.intuit.com/replies/3300056

clintl

If I import my K-1 info via a "txf" file, I will have two K-1's. ... Last years taxes included a K-1 for the same partnership. So, this year's taxes on Turbotax having imported info from last year's taxes, calculated with Turbotax, just happens to start my tax computation with a K-1. Importing this year's K-1 data with a "txf" file adds another K-1, so I'll have two K-1's entered when I only need one. How do I make my first K1 the target of the data imported from the "txf"?

Nrouhani1

HOW DO YOU CONVER A PDFT TO TXF FILE?

ScruffyCurmudgeon

Employee

DOWNLOADING & IMPORTING MLP/PTP PARTNERSHIP K-1s

You must first log in to www.taxpackagesupport.com (or equivalent K-1 provider for MLPs and PTP partnerships) with your email address and your password. IF you have not yet created an account, do that first.

Then, once logged in you will see a list of the many MLP PTPs supported on the left and on the right a list of availability dates for the K-1 packages.

If yours is available and click on it and provide the verification information that PWC/TaxPackageSupport requires. Once validated, you will see a screen showing both PDF for downloading the entire partnership tax package (do it and keep it as a record) and to the right an icon to down load the TXF file.

See 11 page PDF walk-through example.

Start with main menu "File" pull-down list and Import from Accounting Software
Select TXF
Browse to directory/folder containing the required TXF and click on it to select it
Choose to import
Verify the Details are the K-1 MLP or other TXF you are expecting to import
-11 Pages of the imported Schedule K-1

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67 NOT INTUIT EMPLOYEE USAR 64-67 AIS/ASA MOS 9301 - O3 - Just donating my time**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.

MattLGreer

I appreciate your helping with this capability of the software.

I cannot find any downloadable/importable file from the website www.taxpackagesupport.com. I have entered/registered/confirmed and the only thing I can get is PDF files. Do you have any suggestions? According to the documentation I received in the mail, there should be a way to import the K-1 information directly into TurboTax (TurboTax is mentioned by name, actually).

Thank you for your help!

ScruffyCurmudgeon

Employee

DELETING AN IRRELEVANT OR PRIOR YEAR K-1 IF USING ONLINE TurboTax

Delete the prior year K-1 - it will be obvious because all its financial fields will be blank

The official answer for those who are online users is here:
https://ttlc.intuit.com/questions/2903043-how-do-i-delete-a-k-1
Note that you must take care to delete the prior year and not current year form and its worksheets.

DELETING AN IRRELEVANT OR PRIOR YEAR K-1 IF USING Desktop software TurboTax

I'll give a plug for using the desktop software instead! Like most if not all "superuser" volunteers here, I use and can explain how to do this with the Desktop software which allows you to go to Forms Mode and actually see each form and its worksheets and gives a much simpler access to deleting forms that are wrong or irrelevant or carried forward from prior year and no longer needed.

Easiest way is to go to Forms Mode and open the K-1s and the one that is totally empty of financial data after you imported one this year can be deleted.