Direct K-1 Import Export tax year 2023 and prior

About Direct K-1

Direct K-1 is a handy add-on for the 1065 tax application that lets you create text files with tax information and import them into a return. Instead of manually entering data, you can streamline the process with Direct K-1. Plus, you can export tax information from the Organizer into a text file.
Availability
Direct K-1 is exclusively available for the 1065 tax application.
Import and Export Capabilities
With Direct K-1, you can import data to Organizer screens, tax forms, and workpapers (yellow paper) when needed. The main goal is to let you import data directly to federal and state K-1’s, rather than just to Organizer screens, allowing the tax application to handle the calculations for tax forms.
Field Configuration
You need to specifically enable fields for import or export with Direct K-1. These fields usually relate to partnership general information, partner data, federal K-1’s, state K-1’s, certain Direct K-1 specific screens, and various options for system calculations, print, and e-file preferences. All the enabled fields and relevant details are compiled into an Excel workbook called a file set. You can find all current and past file sets on the Help and Support help site by selecting the Data Imports and Exports link on the File Downloads page.
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Make sure to close a return and check its data back into storage before performing any import or export. Otherwise, you'll encounter an error message.

Direct K-1 import

After you perform an import, you'll notice that the fields display in blue text rather than the usual black text from data entry. You can import data into fields that would normally be computed or carried from another source. This action is permitted and results in an override on that field, which is indicated by a red circle to the right of the field.

Direct K-1 export

Direct K-1 exports all the return data from every field in your file set – including the organizer, tax form, and workpaper. If a screen doesn't have active data, it won't export. For example, the partnership name shows up at the top of almost every tax form, even if you're not filing that specific form. Those tax forms might not have any active data, so they won't export.
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Importing large returns
 For large returns with more than a few hundred thousand data records we recommend that you divide the import into smaller files. If using the batch import process do not select more than 200 import files per import.

Related Content

This article applies to:

  • PRODUCT: GoSystem Tax RS
  • Return type: 1065 Partnership
  • Subject: Export, Import