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TaxAct now supports the ability to import Schedules K-1 created using the TaxAct Business Tax Products into your Individual (Form 1040) return.

Once you have completed the Partnership (Form 1065) or S-Corporation (Form 1120-S) return, you should have a K1importXX.dat file saved on your computer (XX indicates tax year - for example, the filename for 2020 will be K1import20.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:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click E-File My Return or Mail Paper Return.
  3. Proceed through the interview questions answering all applicable information.
  4. After submitting your return(s) electronically, or completing the steps to paper file, click Tools.
  5. Click K-1 Export under Tools, then click the blue Export Federal K-1 Data button.

To import your Schedule K-1 (Forms 1065) or your Schedule K-1 (Form 1120-S) into your TaxAct 1040 return:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click the green Start Federal Q&A button (or if you are brought to the screen titled Federal Quick Q&A Topics, click the Step-by-Step Guidance link).
  3. Continue with the interview process to enter all of the appropriate information.
  4. On the screen titled Partnership Income - Summary or S Corporation Income - Summary, click the import your Schedules K-1 link in the gray box.
  5. On the screen titled TaxAct Federal K-1 Import, click Import Federal Schedule K-1, for a K-1 Import window to appear.
  6. Click Choose File to locate the applicable K1importXX.dat file within your computer folders, then click Continue to import the Schedule K-1 data.
  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Hover your mouse over Import, then click K-1 Information.
  3. Click Schedule K-1 (Form 1065) or Schedule K-1 (Form 1120S), then click Continue.
  4. Click Import Federal Schedule K-1. Note. The program will automatically locate the K1importXX.dat file.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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