It depends. The TurboTax Premier and Home and Business Download versions will import a K-1 if it is available in TXF format. From the top menu select File>>Import>>From Accounting Software>>Other Financial Software (TXF file).

You cannot import a K-1 using TurboTax Online.

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JEFFETT

For tax year 2022 I was able to download and import 8 different K-1's. I still had to enter a few items by hand but the folks at Tax Package Support (where all my K-1's were stored) tell you which items are not automatically downloaded. After you download it to your computer and then upload it into TurboTax (I was using Premier Investment and Rental Property, CD version from Costco) the file populates almost all the areas that you would need to enter by hand. Just this reason alone will keep me purchasing Turbo Tax for my K-1 sanity. Such a time-saver! The one "glitch" was that it said my MLP's had rental income, when none did. It was easy enough to fix, just uncheck a box.

And the process to upload the K-1 download remains the same: From the top menu select File>>Import>>From Accounting Software>>Other Financial Software (TXF file).

CarissaM

Thank you for providing how this was able to work for you.

Please let us know if we can assist you further. @JEFFETT

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CarissaM

Are you currently using the online version or the desktop version? @carraed

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jj148

I am using desktop Premier version on a mac. I went through the process with phone support and got to someone who could figure it out. Turbotax took the link for importing documents such as .txf files away from the the import function for banks & brokerage connections (where the had it in previous years). It is still available from the top "File" dropdown menu to >Import.
Thank you for the follow up.

fan17

Hi there,

I have some stocks traded issued a K1 form, my brockage included those transactions in 1099. I also imported K1 file to TT, do I need to adjust form 1099 to avoid double tax (if any)? thank you.

RPoston1

Importing 1 or more K1's that you from MLPs into TurboTax
Can't for the online version. Can for the download Premier version. I think you can for download Deluxe too, but to get the guided interview questions, it must be Download/CD Premier version.
How to?
1. First, download all your K1 .txf files to your local harddrive. Most can be found at www.taxpackagesupport.com.

a. Find your first one from the list at said URL. Login, where you download your tax package, go the 3 vertical dots, and choose "Export to TurboTax" and save to your local harddrive. I renamed each file because I had many K1s. For instance for USAC, I renamed the file "turbotax.txf" to "USAC_turbotax.txf".

b. logout.

c. Choose the next MLP security, login to that and download that one too same way you did with the previous K1.

d. Repeat above steps till all your K1s are downloaded onto your local harddrive.

2. Back in TurboTax Premier Download, you see at the top, File, Edit, View,.... choose "File".

3. Import > From Accounting Software

4. A box should appear. Choose "Other Financial Software (TSF file) and follow the onscreen prompts.

You can only import one K1 at a time. To get them all, do the first one, then go back to

File -> Import > From Accounting Software - repeat the steps you did before to get the next one. Again and again till you have all your K1s imported into Turbo Tax.

I hope this helps. I had a hard time finding these steps with my searches in this community.