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How to import a K-1 in ProConnect Tax

by Intuit•10• Updated 2 months ago

This article will walk you through importing a Schedule K-1 to an individual (1040) return in ProConnect Tax.

For more Schedule K-1 resources, check out our Tax topics page for Schedule K-1 where you'll find answers to the most commonly asked questions.

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.

Which items will import from an S-corporation?

Items that will import:

S-Corporation Name
S-Corporation EIN
Tax Shelter Registration Number
Ordinary Income
Rental Real Estate Income (loss)
Other Rental Income
Interest Income
US Bonds (Nontaxable to state)
Ordinary Dividends
Qualified Dividends
Royalties
Short-term Capital Gain (loss)
Collectibles 28% Gain (loss)
Long-term Capital Gain (loss)
Net 1231 Gain (loss)
Unrecaptured Section 1250 Gain
Passive Short-term Capital Gain (loss)
Passive Long-term Capital Gain (loss)- 28%
Passive Long-term Capital Gain (loss)
Section 1256 contracts and straddles
Section 179 Expense Deduction
Investment Interest Expense
Cash Contributions- 50% Limitation
Cash Contributions- 30% Limitation
Non-cash Contributions- 50% Limitation
Non-cash Contributions- 30% Limitation
Non-cash Contributions- 30% Capital Gain Property
Non-cash Contributions- 20% Capital Gain Property
Deductions - Royalty Deductions
Deductions - Portfolio Income (2% Floor)
Deductions - Portfolio Income (other)
Commercial Revitalization Deduction
Amount of Section 59(e)(2) expenditures
DPAD Domestic production gross receipts
DPAD Gross receipts from all sources
DPAD Cost of goods sold allocable to DPGR
DPAD Cost of goods sold from all sources
DPAD Deductions and loss directly alloc. to DPGR
DPAD Deductions and loss directly alloc to non-DPGR
DPAD Other deductions and loss not directly alloc
DPAD Form W-2 wages
DPAD Qualified production activities income
DPAD Employers W-2 wages
Self-Employed Health Insurance Premiums
Other Net Investment Income
Low-Income Housing Credit
Undistributed Capital Gain Credit
Credit for alcohol and cellulosic biofuel fuels
Work Opportunity Credit
Welfare-to-Work Credit
Disabled Access Credit
Empowerment Zone Employment Credit
Employer Social Security Credit
Orphan Drug Credit
Qualified Electric Vehicle Credit
Indian Employment Credit
Small Employer Pension Plan Startup Costs Credit
Employer-Provided Childcare Facilities Credit
Qualified zone academy bond credit
Hurricane Katrina Housing Credit
Alternative Motor Vehicle Credit
Contributions to Selected Community Development Corps credit
Biodiesel and Renewable Diesel Fuels Credit
Renewable Electricity Production Credit - Section A
Renewable Electricity Production Credit - Section B
Qualified Railroad Track Maintenance Credit
Distilled Spirits Credit
Energy Efficient Home Credit
Alternative Fuel Vehicle Refueling Property Credit
Low Sulfur Diesel Fuel Production Credit
Gross Farming Income
Post-1986 depreciation adjustment
Adjusted Gain or Loss
Depreciation on Real Property (pre-1987)
Depreciation on Leased Personal Property (pre-1987)
Depletion (Other than oil and gas)
Preference Items - Gross Income Oil and Gas
Preference Items - Gross Deductions Oil and Gas
Nondeductible expenses
Distributions
Loan repayments
Other current year increases to basis
Other current year decreases to basis
Loans made to the S Corp during the year
Adjustments to debt basis
Preference Items - Excess IDC

Note: Under certain conditions, some items listed above may not import. The most common reason for this is when an override has been entered on the shareholder's K-1.

Items that will not import

Line 10 - Other income (loss)
Box 12 - Other Section 59(e)(2) expenditures or Dry Hole costs
Line 12 - Other deductions
Line 13 - Qualified rental real estate rehabilitation expenditures
Line 13 - Other credits related to rental real estate activities
Line 13 - Credits related to other rental activities
Line 13 - Other credits
Line 14 - Gross income sourced at shareholder level
Line 14 - Foreign gross income sourced at corporate level - passive
Line 14 - Foreign gross income sourced at corporate level - listed categories
Line 14 - Foreign gross income sourced at corporate level - general limitation
Line 14 - Deductions allocated and apportioned at shareholder level - interest expense
Line 14 - Deductions allocated and apportioned at shareholder level - other
Line 14 - Deductions allocated and apportioned at corporate level - passive
Line 14 - Deductions allocated and apportioned at corporate level - listed categories
Line 14 - Deductions allocated and apportioned at corporate level - general limitation
Line 14 - Foreign tax paid
Box 14 - Foreign taxes accrued
Line 14 - Reduction in taxes available for credit
Box 14 - Foreign trading gross receipts
Box 14 - Extraterritorial income exclusion
Box 14 - Other foreign transactions
Line 15 - Other AMT items
Line 16 - Tax-exempt interest income
Line 16 - Other tax-exempt income
Line 17 - Other Information
Line 17 - Other Information from passthrough entity
Line 17 - Recapture of low-income housing credit - sec. 42(j)(5) partnerships
Line 17 - Recapture of low-income housing credit - other
Line 17 - Supplemental K-1 information for this shareholder
Line 17 - Supplemental K-1 information for all shareholders
Line 17 - Expenditures/basis qualifying for investment credit (Form 3468)

What if the export didn't work?

There are some situations where the data may not transfer. Check the following items to make sure everything is set up correctly, or to make necessary adjustments:

Make sure the Schedule K-1 has information to export. If there aren't any income or loss items the K-1 will not export.
Make sure the Social Security Number (SSN) of the partner(s), shareholder(s), or beneficiary(s) match the SSN for the taxpayer or spouse in the Individual module.
On the Partnership Information screen, make sure the Type of Entity is set to Individual.
Check the dates of the return. If the return is on a fiscal year, the K-1 export won't work.
If you've reviewed all other information and the information still isn't appearing in the Individual module, check to see if the return has been split.
- If it has, ProConnect Tax will export the K-1 information to the single/split return as opposed to the joint return. You may need to back up the MFS return and delete it in order to export the K-1 data to the MFJ return.
If Schedule K-1 activities already exist within the Passthrough K-1's section of the Individual module, or the SSN is correct and no import box appeared, enter the number of the specific K-1 into the entity's return as the activity number:
- Partnership: Number of K-1 Activity in 1040 [O]
- S- Corporation: Number of K-1 Activity in 1040 [O]
- Fiduciary: Number of K-1 Activity in 1040 [O]
Grantor Trusts do not generate a K-1 and cannot be exported.

Examples

If the K-1 corresponded to the second partnership in the Passthrough K-1's section of the Individual return, enter a 2 in the Partnership return, Number of K-1 Activity in 1040 [O] for the specific partner.
If there are no other K-1s currently present in the Passthrough K-1's screen, enter a 1 in the Number of K-1 Activity in 1040 field in the appropriate business return.
If a taxpayer and spouse each have a K-1 from the same entity, enter consecutive numbers (e.g. 1 and 2, or 2 and 3 if there is another K-1 already present in the Passthrough K-1's section in the Number of K-1 Activity in 1040 field in the appropriate business return.

Don't forget

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.

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