Question

Schedule K-1 (Form 1041) - Importing and Exporting TaxAct Returns Only

Accepted Answer

TaxAct^® supports the ability to import Schedules K-1 (Form 1041) Beneficiary’s Share of Income, Deductions, Credits, etc. created using the TaxAct Estates & Trusts Tax Products into your Individual (1040) return.

Once you have completed the Estates and Trusts (Form 1041 U.S. Income Tax Return for Estates and Trusts) return, you should have a K1import20.dat file saved on your computer.

For Desktop Estates and Trusts Tax Product users, the DAT file(s) will be saved in the same location as your other TaxAct files, unless you changed the path manually.
For Online Estates and Trusts Tax Product users, you will be prompted to export/save the DAT file(s) at the end of the filing steps.

To export Schedule K-1 data to the K1importXX.dat file after filing your 1041 return:

From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
Click E-File My Return or Mail Paper Return.
Proceed through the interview questions answering all applicable information.
After submitting your return(s) electronically, or completing the steps to paper file, click Tools.
Click K-1 Export under Tools, then click the blue Export Federal K-1 Data button.

To import your Schedule K-1 (Form 1041) into your TaxAct 1040 return:

Online Navigation Instructions

From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
Click Other Income in the Federal Quick Q&A Topics menu to expand, then click Schedule K-1 import (Form 1041).
Click Import Federal Schedule K-1, then click Choose File, double-click your K1Import20.dat file to upload, then click Continue.

Desktop Navigation Instructions

From within your TaxAct Desktop return, click File in the top left corner.
Hover your mouse over Import, then select K-1 Information.
Select Schedule K-1 (Form 1041), then click Continue.
Click Import Federal Schedule K-1. Note. The program will automatically locate the K1import20.dat file.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.