Importing 1065 K-1 into 1040 - Spouse Partners

Forum|Forum|3 years ago
August 9, 2022
2 replies
17 views

The married spouses on a 1040 are each 25% partners in a 1065.

I am having trouble ensuring that the K-1 for each spouse is imported into the 1065.

How can I verify? Do I technically need to import twice, or does one import include both K-1 for each partner?

ProConnect Tax

This topic has been closed for replies.

Best answer by IntuitRebecca

Hi there,

In ProConnect, you'll need to import twice - once for the taxpayer's K-1, and once for the spouse K-1, even if they're from the same partnership.

You can find details here: https://proconnect.intuit.com/support/en-us/help-article/import-export-data-files/import-k-1-proconnect/L6qxUaoj4_US_en_US

The part that trips up some people in your situation is once you've already imported one K-1, and you're importing the second; when you get to the section that asks you to "Select the Partnership K-1 where you want the data to go", you'll see the partnership's name and EIN already listed. You want to choose "Add New Partnership K-1"at that point.

- Rebecca

IRonMaN

Level 15

Why don’t you try importing and then look at the return to see what actually imported?

Slava Ukraini!

T

tccpg289Author

Level 5

I come from ProSeries. It was a bit more intuitive in this regard. It only required one import and all of the K-1 data was there, with the exception of the 199A which needed to be manually entered.

Right now, when I click on the 1065 k-1 in the 1040, I see 2 tabs which appear to be for each partner. On each tab, you can modify the specific conditions of each partner (i.e. active participation).

I just don't want to get confused by the software since ProSeries was a one-time import. The UI is completely different and it isn't always intuitive.

IntuitRebeccaAnswer

Level 6

Hi there,

In ProConnect, you'll need to import twice - once for the taxpayer's K-1, and once for the spouse K-1, even if they're from the same partnership.

You can find details here: https://proconnect.intuit.com/support/en-us/help-article/import-export-data-files/import-k-1-proconnect/L6qxUaoj4_US_en_US

The part that trips up some people in your situation is once you've already imported one K-1, and you're importing the second; when you get to the section that asks you to "Select the Partnership K-1 where you want the data to go", you'll see the partnership's name and EIN already listed. You want to choose "Add New Partnership K-1"at that point.

- Rebecca

T

tccpg289Author

Level 5

Thanks - this is the answer I was seeking.

So essentially, I need to add a separate "partnership" for each partner (do not use the same partnership selection for each) and I need to select the other partner as well.

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