TurboTax Online & K-1s

Phil · Joined: 28 Sep 2007 Posts: 6

I am using the online version of TurboTax Premier. I cannot find a way
to import K-1's into it. I downloaded a file Enbridge that was supposed
to have the information necessary for TurboTax.
But I can find no way to access this file from the online version of
TurboTax.

Phil

Archived from group: misc>taxes

Paul Thomas, CPA · Joined: 25 Aug 2007 Posts: 3094

"Phil" wrote
>I am using the online version of TurboTax Premier.
> I cannot find a way to import K-1's into it. I
> downloaded a file Enbridge that was supposed to have the information
> necessary for TurboTax.
> But I can find no way to access this file from
> the online version of TurboTax.

Is it that difficult to manually enter the data directly from the paper K-1?

--
Paul A. Thomas, CPA
Athens, Georgia

ChrisZ · Joined: 27 Jan 2008 Posts: 10

On Feb 25, 12:46 pm, Phil wrote:
> I am using the online version of TurboTax Premier. I cannot find a way
> to import K-1's into it. I downloaded a file Enbridge that was supposed
> to have the information necessary for TurboTax.
> But I can find no way to access this file from the online version of
> TurboTax.

If it's like the regular version of TT it depends on how the K-1's are
issued, e.g., if the K-1 is from Trust form 1041 it's in the respective
income area.

--
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Phil · Joined: 28 Sep 2007 Posts: 6

Paul Thomas, CPA wrote:
> "Phil" wrote
>> I am using the online version of TurboTax Premier.
>> I cannot find a way to import K-1's into it. I
>> downloaded a file Enbridge that was supposed to have the information
>> necessary for TurboTax.
>> But I can find no way to access this file from
>> the online version of TurboTax.
>
>
>
>
>
>
>
> Is it that difficult to manually enter the data directly from the paper K-1?
>
>
>
>
>
>
For me it is. Last year was the first year I did my own taxes. I spent
many hours trying to figure out the correct entries for several of the
boxes on the K-1's. Example box 13 and entry of STMT. This is just one
example of entries that I had trouble with. I wrote myself notes the
problems that I had to guide me this year. Last year I used Taxcut and
it wasn't very clear on the correct entries on some of the boxes. I
haven't tried to manually to enter the data using TurboTax yet. I was
hoping that importing the data directly would save me from going through
what I went through last year. If you could direct me to some websites
that would assist me in manually entering the data that would be very
helpful.

Phil

Paul Thomas, CPA · Joined: 25 Aug 2007 Posts: 3094

"Phil" wrote

>> Is it that difficult to manually enter the data directly from the paper
>> K-1?
>>
>>
>>
>>
>>
>>
> For me it is. Last year was the first year I did my own taxes. I spent
> many hours trying to figure out the correct entries for several of the
> boxes on the K-1's. Example box 13 and entry of STMT. This is just one
> example of entries that I had trouble with. I wrote myself notes the
> problems that I had to guide me this year. Last year I used Taxcut and it
> wasn't very clear on the correct entries on some of the boxes. I haven't
> tried to manually to enter the data using TurboTax yet. I was hoping that
> importing the data directly would save me from going through what I went
> through last year. If you could direct me to some websites that would
> assist me in manually entering the data that would be very helpful.

I don't use the software you are talking about, but the K-1 is looking more
and more like a W-2 in it's standardized layout. I find it hard to believe
that the K-1 input screen in the software isn't laid out just like the K-1
you're looking at.

There may be items that get reported on supplemental schedules - like your
STMT - which may need to be dealt with manually in any event.

I would have a difficult time trusting the import function until I've tested
the transfer by manually checking all the entries from the K-1 to the tax
forms. And if I'm going to all that trouble, I should just enter the data
as I go.

--
Paul A. Thomas, CPA
Athens, Georgia

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