You can import K-1 data into a return from any of the following:
- K-1s converted to PDFs. To use this method, your firm must license the K-1 Engine. This tool automates the extraction and import of Partnership K-1 forms data and statements into Individual returns. It is available for tax year 2020 or later returns.
- Another Tax return. The types of tax returns you can import from vary depending on the type of return you are importing the data in to, as shown in the table below.
- A Microsoft® Excel® spreadsheet. Tax provides spreadsheet templates where you can enter data for import. You also can create a data entry template by exporting K-1 data to a spreadsheet. If you use this method, you must export from a return of the same tax year and tax system as the return you are importing into.
|Data exported from this return type....||Can be imported into these types of returns...|
|Partnership||Individual, Partnership, Corporation, S Corporation, or Fiduciary|
|S Corporation||Individual or Fiduciary|
|Fiduciary||Individual, Partnership, Corporation, S Corporation, or Fiduciary|
The data that can be imported from a spreadsheet is as follows:
|Return Type||Entity||Data imported|
|Partnership||Partners associated with the open return||K-1 data, ratios, amount allocations,
Schedule K overrides, K-1 footnotes
|S Corporation||Shareholders associated with the open return|
|Fiduciary||Beneficiaries associated with the open return||K-1 data, K-1 footnotes|