K-1 Import

[Jake]

I just used the K-1 import feature for the first time and it worked perfectly. This will save some time this year.

[cred65]

I just used the K-1 import feature for the first time and it worked perfectly. This will save some time this year.

What are the procedures to Import the K-1? In which file to you start?

[Jake]

What are the procedures to Import the K-1? In which file to you start?

When you are in the 1040 return click on Returns and then Import K-1 Data. The program cross refrences SS# and EINS and pulls up the appropriate K-1(s) data. It seems to work well.

[kcjenkins]

Just tried it. I LOVE IT.

[michaelmars]

I wonder if it warns you later if you change the k-1 entity return? only time and testing will tell

[JRS]

It does warn you with a pop on your screen right after you import. I can't remember what it says, but something to do with changes.

[TAXBILLY]

I love it too! It'll save some time, a commodity which is quite precious to us.

taxbilly

[michaelmars]

its a feature prosystem had for over 10 years and i think lacerte had it for a few too, its absolutely a great time saver. but remember that items like real estate prof and other items are at the shareholder level and still have to be adjusted. too many people see the k-1 was pulled into a return and forget to review it. [at least my staff gets lazy and rushed at times]