Importing K-1 data

[David]

OK, I know we now have the capability to import k-1 data to individual tax returns. However, I must be missing something simple in the instructions because I get an error message saying that no reports with corresponding EIN or SSN exist.

The instructions say to open the 1120S. Then enter a SSN or EIN that appears on the return from which you want to import K-1 dat. WHERE DO YOU ENTER THIS? You only have the 1120S opened.

So I figured that I needed to go to the Returns menu and clik Import K-1 Data. That's when I get the error message.

What am I overlooking?

I checked knowledge base as well and it has the same instructions. The instructions don't seem to be complete.

Thanks for your help.

[Terry D EA]

I haven't been able to make this work either. Hope someone else can help

Terry D.

[Jack from Ohio]

I have used it several times.

1) Complete all the 1065, 1120s, estate, etc, including all information for the K-1s for the particular taxpayer.

2) Close the corporate return.

3) Open the personal return for the K-1 recipients.

4) Under "returns" click on Import K-1 information.

5) You will see a box with a list of all corps that have the taxpayers SS# listed as a K-1 recipient.

6) Choose the appropriate returns to import from and click "Import."

7) Smile as it don't get no easier than that.

8) Every time you open that personal return again, the program will check to see if the corporate return has been changed, and will ask if you want to import the updated information.

[kcjenkins]

The only thing I've had any problem with, not really a problem, but if you have both normal income or loss, and rental income or loss, it puts them both in the same column. So you then need to go put the rental income/loss in a second column, in the K-1 Input sheet. And this will then appear to the program as a 'change' in the K-1, so if you know you have not gone back and changed the 1065 or 1120S, ignore it when it asks if you want to update due to the change, or you will end up with the rental in two columns.

I'm not sure, David, but reading your post it sounds to me like you are trying to do the import while in the 1120S. You don't do it there. Just complete the 1120S just as you always do. Then close it, and open the shareholder's return. Now, in the shareholder's return, go to the menu and pick 'Import K-1 Data'. It will find every K-1 that you have prepared for that shareholder. I just did three 1065s that all had one common partner, then opened his return, and it pulled in all three K-1's for me. I LOVE IT.