TaxAct® now supports the ability to import Schedule K-1s created using the TaxAct Business Tax Products into your Individual (1040) return. TaxAct Online 1065, 1120S, and 1041 users will be given an opportunity to export the K1import16.dat file which will contain the data necessary for K-1 import. This file should be saved to your computer in a spot you can easily browse back to when prompted for the import in your 1040 Individual Tax return.
To export Schedule K-1 data to the K1import16.dat file after filing your 1065, 1120S, or 1041 return:
- Once your 1065, 1120S, or 1041 return is ready to be filed, click the Filing tab 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 on the right side of the screen
- Click K-1 Export under Tools, then click the blue Export Federal K-1 Data button