TaxAct now supports the ability to import Schedule K-1s created using the TaxAct Business Tax Products into your Individual (1040) return.
Once you have completed the Partnership (Form 1065) or S-Corporation (Form 1120S) return, you should have a K1importXX.dat file saved on your computer (XX indicates tax year - for example, the filename for 2019 will be K1import19.dat). For Desktop Business Tax Product users, the .dat file(s) will be saved in the same location as your other TaxAct files, unless you changed the path manually. For Online Business Tax Product users, you will be prompted to export/save the .dat file(s) at the end of the filing steps.
If you are using the Online program and did not save a copy of the .dat file, use the following instructions to get the file.
To export Schedule K-1 data to the K1importXX.dat file after filing your Form 1065, 1120S, or 1041 return:
- Once your 1065, 1120S, or 1041 return is ready to be filed, click Filing from within your 1065, 1120S, or 1041 TaxAct return. On smaller devices, click the menu icon in the upper left-hand corner, then select Filing
- Click E-File My Return or Mail Paper Return
- Proceed through the interview questions answering all applicable information
- After submitting your return(s) electronically, or completing the steps to paper file, click Tools
- Click K-1 Export under Tools, then click the blue Export Federal K-1 Data button
To import your Schedule K-1 (Form 1065 or 1120S) into your TaxAct 1040 return:
- From within your TaxAct (Online) return, click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
- Click the green button Start Federal Q&A (or if you are brought to the Federal Quick Q&A Topics screen, click Step-by-Step Guidance)
- Click No (or Skip) until you reach the screen titled Business Income (or Review Business Income)
- Click Yes (or New)
- Click No until you reach the screen titled Business Income - Partnerships and S Corporations
- On this screen, you will see the text Did you use the TaxAct 1065 or 1120S program? where you will want to click the link Import your Schedule K-1s
- Click Import Schedule K-1
- Locate the applicable K1importXX.dat file within your computer folders to import the Schedule K-1
- From within your TaxAct Desktop return, click File in the top left corner
- Hover your mouse over Import, and then select K-1 Information
- Select Schedule K-1 (Form 1065) or Schedule K-1 (Form 1120S) then click Continue
- Click Import Federal Schedule K-1
Note. The program will automatically locate the K1importXX.dat file.