Specific question about Turbo Tax for Business

Forum|Forum|2 years ago
February 21, 2024
2 replies
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I am in a stock investment club that has used club accounting software for about 20 years that tracks deposits, stock transactions, dividends, expenses, etc, allocates those to members as a % of ownership at the time, and prints the club Form 1065 and K-1s for all members. Last year we owned a security that is a limited partnership (never again) and we will be receiving a K-1 from that company. Our problem is the software we use does not allow us to include data from the K-1 we will receive. I don't want to input 100 to 200 transactions again. Will Turbo Tax for Business allow me to input data that we have already generated for our 1065, and then add new data from the K-1 when we receive it, and reprint Form 1065 and K-1s for all members? The K-1 we receive generally uses different boxes on the K-1 (such as business gain/loss in Box 1) and does not change boxes currently used (such as gain/loss from the sale of our securities in boxes 8 and 9a). I am hoping we can include our Form 1065 data without having to input all supporting transactions, but revise member K-1 and e-file the whole package.

TurboTax Business Windows

PatriciaV

Employee

Yes, you should be able to import your QuickBooks information into TurboTax Business. Later, you can enter the information from the unrelated partnership Schedule K-1 as Investment Income. The K-1 entries should not change any imported information.

For more help, see: How do I import QuickBooks data into TurboTax Business?

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wpwiegandAuthor

I DO NOT have 2023 club data in QuickBooks, so importing from QuivkBooks will not help. I have data in an investment club accounting package that does not handle receiving a K-1 from a partnership we owned. I woiuld like to input data from the Form 1065 that already has everything calculated for our stock transactions, without having to input all transaction data. Basically I just want to input final numbers for boxes 6, 8, and 9 along with a few others, and then add data from a K-1 we have not yet received that will include boxes 1 and 2 and a few others. I would then like to generate a composite Form 1065 and K-1s for members. Obviously I would need to input all member information and % ownership

Rick19744

Employee

When receiving a K-1, the IRS is only concerned that this information gets passed through to the end recipient(s) and that there are no changes in characterization (ordinary vs capital, etc.).

As a result, you are able to do exactly what you want to do; items on the K-1 received just flow directly to the respective line on the K-1 you will be issuing.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

wpwiegandAuthor