So Ive seen people mention that you can import a K-1 into the 1040...Im only finding instructions for Lacerte in the Knowledge Base

[Just-Lisa-Now-]

Ive never tried to import a K-1, they're generally easy to type in, but this year I have a partnership that sold off all their assets and I have a list of assets with 179 dispositions, thinking an import into their 1040 returns sure would save me some typing.

I find Lacerte instructions https://intuitcorp.quickbase.com/db/bjbbcmui8?a=dbpage&pageID=6&qa=true&rid=72

Does ProSeries have the same ability to import a K-1?  and will this be part of what imports in? Or will I still be stuck entering all these?

[AshleyatIntuit · Accepted solution]

https://accountants-community.intuit.com/articles/1608380-performing-a-k-1-import-for-a-1040-return

[AshleyatIntuit]

:+1:

[Just-Lisa-Now-]

thank you!  will this import the disposed assets with 179 recpature?

[AshleyatIntuit]

that's a great question.... @Charlene_At_Intuit @Matt105 can you provide any insights?

[Just-Lisa-Now-]

Ive got everything else from the K-1 already entered, but to import I have to delete it...so if its not going to transfer in what I need, and I have to enter it manually anyhow,  Im not going to bother with importing.

[AshleyatIntuit]

create a dummy file, and import it there, that way if either of them don't come back soon, and see what happens.

[Just-Lisa-Now-]

good idea!

[IRonMaN]

It will import everything.  I don't usually go the import route, but I have used it for special occasions like that.

[dd4vols]

yes....it imports everything associated with the asset dispositions including  the Sec 179 recapture info...which is one of the greatest aspects of the import.

[Just-Lisa-Now-]

yay!   thank you!

[AshleyatIntuit]

YAY!  ok, cool!  Glad i could be so helpful, LOL.....  Seriously though thanks @IRonMaN and @dd4vols

[IRonMaN]

:+1:

[Marc-TaxMan]

This only works if you did the 1065 in PS.

[dd4vols]

or 1120S.. or 1041. Works for any of them that have K-1s

[Just-Lisa-Now-]

I did the 1065 in PS