K-1 to TurboTax and other tax software
From K-1 to your tax software, box by box
TurboTax asks you to enter each K-1 yourself, and K1 FastTax does not import into it or into any other program. What it does is give you every box, code and amount in typing order, with the paper line beside each one.
TurboTax, TaxAct, H&R Block and FreeTaxUSA are products of other companies. K1 FastTax is not affiliated with them; the names are used only to say what you will be typing into.
Convert a Schedule K-1
Your values appear here
Read a K-1, or load a sample, and this side fills in with:
1Form summary
Partnership, partner, the last four digits of each ID, and the profit, loss and capital shares.
2Every box, with its source
Each value beside the line of the document it was read from, so you can check it against the paper.
3A review list
Anything unclear, such as a negative amount whose parenthesis was lost. Nothing is guessed.
4CSV and checklist
One row per K-1, and the boxes in the order you would type them into your tax software.
Nothing here is real data until you read a file or load a sample.
The honest answer
Can I import a K-1 into TurboTax?
No file you upload fills in a K-1 in TurboTax for you. TurboTax has you enter each K-1 yourself, on its own screens, one K-1 at a time. K1 FastTax does not claim to change that, and it does not connect to TurboTax or to any other tax software.
The two jobs that take the time are reading the boxes accurately and keeping your place while you type. That is what the checklist is for: it lists every box and code that has a value, in the order of the K-1, with the number to type and the line of the document it was read from. Lines the reader was not sure about are left blank and marked for you to fill in from the paper.
Check what your edition of the software offers before you start. If it has an import option of its own, that is separate from K1 FastTax.
Boxes versus screens
Why a K-1 box and a software screen are not the same thing
A K-1 is one form with numbered boxes. Tax software turns it into a series of screens or an interview, usually in a different order and asking about one kind of income at a time. Program by program the screens differ, but they identify an item by its box number and code, so the safest way to move numbers across is by box number and code. That is how the checklist is keyed.
The table shows, in general terms, how the parts of a K-1 meet the questions software asks. It is a guide, not a map of any one program.
| On the K-1 | What software typically asks | What the checklist gives you |
|---|---|---|
| Part I: the partnership or other issuer | Who sent the K-1: name, EIN and often the type of entity. | The name and the last four digits of the EIN. Type the full EIN from the paper. |
| Part II: you | Your share of profit, loss and capital, whether you are a general or limited partner, and domestic or foreign. | Partner type, role and the six percentages from item J. |
| Boxes 1 to 10: amounts | Income screens, one kind of income at a time: business income, rental, interest, dividends, capital gains. | One line per box that has a value, in box order, with the value. |
| Boxes 11 and 13 to 20: codes | A place for a code letter and an amount, repeated for each code on the box. | One line per code with its amount, or STMT when the amount is on a statement. |
| Box 16: Schedule K-3 flag | Questions about foreign items, and possibly the K-3 itself. | A reminder that a K-3 is attached. K1 FastTax does not read the K-3. |
| Boxes 21 to 23 | Foreign taxes paid, and whether there is more than one activity. | Outside the exported range. If a value is found it is flagged for you. |
For what each box means and where it usually lands on your return, see the box-by-box guide.
Step by step
Entering a K-1 with the checklist
Read the K-1 and clear the review list
Open the paper for each held item, decide the value, and write it next to the line. The checklist leaves those values empty on purpose.
Start a new K-1 in your software
Find the K-1 section (most programs have a search box; try K-1). Enter one K-1 completely before starting the next.
Enter Part I and Part II
Type the issuer's name and the full EIN, your full SSN, and your profit, loss and capital shares from the paper. The result and the CSV only ever show the last four digits.
Work down the checklist
Go line by line. Each line names the box and code and gives the number. Tick the line on the page when you have typed it, so you do not lose your place.
Compare what the software shows
When you finish a K-1, compare the software's summary or supporting schedules with the CSV. A difference is not always a mistake, since limits can change what reaches your return, but you should understand it before you file.
Compared honestly
Entering K-1s: by hand, from a text dump, or from a checklist
| What you need | Typing it yourself | Generic PDF-to-text OCR | K1 FastTax |
|---|---|---|---|
| Telling you what to type | You read the K-1 and your software side by side. | Nothing. You get text. | A line per box and code, in typing order, with the value. |
| Keeping your place | A highlighter, or memory. | Not applicable. | Tick boxes on the page, and a done column in the checklist CSV. |
| Catching a wrong sign | Hope you notice. | Not visible. | Unclear signs are left blank in the checklist and flagged for you to fill from the paper. |
| Checking a value fast | Find the box on the paper again. | Search through the dump. | The source line sits next to the value. |
| Several K-1s in a row | Shuffle paper. | Separate files. | One checklist section per K-1, in file order. |
| Importing into tax software | Not available. | Not available. | Not available either. You type the numbers; nothing is filed for you. |
Plain answers
Questions about K-1s and tax software
Can I import a K-1 into TurboTax?
TurboTax asks you to enter each K-1 yourself, screen by screen, and K1 FastTax does not import into it. What this tool removes is the reading and the hunting: every box is already in one table with the source line beside it, and the checklist lists the boxes in typing order.
What is the difference between K-1 boxes and the screens in tax software?
The K-1 is a single form with numbered boxes. Tax software turns it into a series of screens or an interview: first who the partnership is, then screens for income, deductions and credits, and a place to enter code and amount pairs for the coded boxes. The box numbers are usually printed on the screens, and the checklist uses box numbers, so you match by box number, not by screen order.
Does this work with TaxAct, H&R Block and FreeTaxUSA too?
The checklist is software-neutral: it names the Schedule K-1 box and code, not a menu path. Each program has its own K-1 screens and you type the values in. K1 FastTax does not integrate with any of them.
Which edition of my tax software includes K-1 forms?
That varies by product and by year, and K1 FastTax cannot tell you. Before you start, check your edition's list of supported forms for Schedule K-1 and Schedule E. A free or entry-level edition may not include them.
In what order should I enter a K-1?
Enter one K-1 completely before the next one. Start with Part I (who the partnership is) and Part II (who you are, and your profit, loss and capital shares), then go down the boxes in numeric order. The checklist is already in that order.
How do I enter a loss: with a minus sign or in parentheses?
Follow the field. Most software wants a minus sign or has a separate loss field. The checklist writes losses with a leading minus, for example -3150, and the K-1 shows them in parentheses.
What do I do with a code my software does not ask about?
Look the code up in the Partner's Instructions for Schedule K-1 (Form 1065) for the year on your K-1. Some codes are information only and are not typed anywhere; others lead to a form your software opens for you. If you are not sure, ask your preparer before you skip it.
How do I check my work after typing the numbers?
Open the K-1 summary or the supporting schedules your software produces (Schedule E, Part II, Schedule B, Schedule D) and compare them with the CSV. Differences are not always mistakes: passive loss limits, basis limits and other rules can change what reaches your return. Understand each difference before you file.
A line in my result says Review. May I skip it?
No. A Review line means the reader could not be sure of the value or the sign, and nothing was guessed for you. Look at the paper K-1, decide the value, and type that. The checklist leaves the value blank on those lines on purpose.
Is the checklist tax advice?
No. The checklist names the box and code and the number printed there. It does not say whether an item is taxable, deductible or limited, and it does not say which line of your return it reaches.
Build your checklist from one of your K-1s
Free: 1 file per day, up to 10 pages, no account. Nothing is filed and nothing is entered into tax software for you.