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Direct K-1 Import Export tax year 2023 and prior

Direct K-1 Import Export Best Practice Tips

  • Use the latest 2023_1065_DK1_MM-DD-YYYY.xls DK1 Comparison, available for download.
  • Use the correct replacement flag in the header. The replacement flag defines the manner in which the data fields in the target tax return are initialized. Exports default to an
    R
     flag. It is generally recommended that you import with an
    M
     flag. Files with headers missing the replacement flag will fail to import.
  • A new return (a blank return or with minimal data) works faster and more efficient than an existing return that already has data.
  • When using an existing return, disable the
    Partner Allocations
     option and suppress the
    Letters and Filing Instructions
     option located in the Organizer before importing data.
  • When working with a large import file (approximately 800,000+ lines), we recommend that you divide the file up into different files and import the information into the same locator from the separate files.
  • Estimated time for the import to be completed depends on the type of locator (new or existing), number of lines in the import file, and most of all network traffic. New returns with 800,000+ lines could be completed within 1-2 hours. Depending on the file size prior to imports, existing returns with 800,000+ lines in the import file could be completed within 3-4 hours.
  • If you are preparing state returns that are not included in the DK-1 Import Tool, create a new locator for those states so that you can use Partner Bridge to import the partner information.

This article applies to:

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

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