How do I import a K-1 from a business return?

Solution Description:

Before beginning the import, verify the following information:

  • The Federal Business (1065, 1120S, 1041 or Fiscal 1041) return must be completed in the current year program. (K-1 Imports are not supported in ProSeries Basic.)
  • If you have manually entered a Schedule K-1 Worksheet in the 1040 return for this entity, the worksheet will need to be removed. The Import feature will not overwrite any existing data.
Note: The Name and SSN of the Taxpayer or Spouse must match the Name and SSN of the Shareholder/Partner/Beneficiary.

To complete the import process, follow these steps:

  1. Open the clients 1040 Federal Return in Forms mode. 
  2. Go to the Import menu and select K-1 Import.
  3. On the K-1 Import menu, select one of the following:
    • 1065: Partnership...
    • 1120S: S Corporation...
    • 1041: Estate/Trust...
    •  Fiscal 1041: Estate/Trust...
  4. In the K-1 Transfer dialog box select the client file for the Business Return. If you do not see the Client Files verify the Look In: path matches where you currently store your current year client files. If the path displayed is incorrect, select the correct path that your data files are saved in.
  5. After you locate the name of the applicable ProSeries client file in the K-1 Import dialog box, select it. (The name of the client file will appear in the File Name field near the bottom of the K-1 Transfer dialog box.)
  6. In the K-1 Import dialog box, select the Open button.
  7. Review the information in the next K-1 Import dialog box, then select Import to start the K-1 import procedure.
  8. When the K-1 Import procedure concludes, a dialog box will inform you about the results.

Note:  The import feature is only available for Federal 1040 returns.  Any state adjustments will need to be input manually where appropriate on each state return.

Additional Information:

GEN51254