This article will walk you through importing a Schedule K-1 to an individual (1040) return in ProConnect Tax.
Before you start
- You can only import Schedule K-1s from business returns you prepared in ProConnect Tax.
- Verify that the taxpayer and spouse tax identification number (SSN or ITIN) is entered correctly in the Client Information screen.
- Make sure the taxpayer and spouse names within the individual return match what's on the K-1.
Follow these steps to import a K-1
- Open the individual (1040) return, and go to the Input Return tab.
- Click the Import Data button, then select K-1 Import.
- Select the business client whose K-1 you want to import.
- Select a Return to import from.
- Choose the partner, shareholder, or beneficiary whose K-1 you want to import.
- In the Select the K-1 where you want the data to go section, you can choose an existing K-1, or choose Add New K-1.
- If you import to an existing K-1, your previous entries will be overwritten with the updated data.
- Press Review to continue.
- Review the data on the Ready To Be Imported screen.
- Select Diagnostics to view information about data that can't be imported, and entries that may need review. We recommend you print or screenshot these items for future reference.
- Once you're satisfied with the data, click Import.
You'll be returned to the 1040 input screen where you imported data. Fields containing imported amounts will be highlighted in green.
Amounts are imported directly from the Schedule K-1 and aren't adjusted for any basis or at-risk limitations.
Many items are transferred directly to the input screen to simplify data entry. However, you should review all items for accuracy and to ensure correct treatment on the 1040.