K1 Import (external)

[RATTnroll]

Hello community, I recently had an Intuit Support Specialist input an enhancement request to add external K1's to the import feature. Currently in Lacerte, it is only available within your own firms internal clients; ex. an internal business return will export the K1 to your firms internal individual clients. Since the software will import 1099's and W2's, it would be helpful to import K1's, especially for clients with many, many K1's. Please comment

[TaxGuyBill]

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@RATTnroll wrote:

Since the software will import 1099's and W2's,

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It can import 1099s and W-2 because employer's payroll companies, brokerages, etc. upload them to a central database where they can be downloaded to your computer.

In order to import K-1s, there would need to be a setup for many Partnerships and S-corporations to be upload their private information to a central database.  No such thing exists (and even if it did, I'm not sure if I would want to be uploading my client's information to a third-party database).

[sjrcpa]

@TaxGuyBill 

Some PTPs are set up to be downloadable/imported to Turrdo Tax. 😂

[TaxGuyBill]

Interesting, and Lacerte can't import those?

[sjrcpa]

Nope.

[MosheR]

This is a great idea and would be extremely helpful, especially if we can use a product to extract data from K1s and summarize on an Excel, which can then be imported. Anyone figured out a solution or know of a third-party system that allows this integration?