SO10402 - Importing K-1s
Description:
How to import a sch K-1 from a pass-through entity return (1041, 1065, 1120S) to a 1040.
SO10402 - Importing K-1s Links:
Client Management

  1. Prepare the pass-through entity return (1041, 1065, 1120S) with the subsequent beneficiaries', partners', or shareholders' information (figure 1).


    2. (figure 1)

  2. Click the Review button to review the return and record the K-1 information in the Client Management database (figures 2 & 3).


    3. (figure 2)


    (figure 3)

  3. Once the client is reviewed, return to the client selection screen by clicking on the Clients button (figure 4).


    4. (figure 4)

  4. From Client selection, select the 1040 system, and create/open the individual return of the person on the K-1 (figure 5).


    5. (figure 5)

  5. Select the corresponding input screen for the K-1 received (figure 6):

      6. PTK1 – Partnership 1065
      CSK1 – S Corporation 1120S
      FDK1 – Fiduciary 1041


    (figure 6)

  6. At the top of the input screen, the Import K-1 button should be active (figure 7).

      7. Note: The SSN of the taxpayer or spouse must match the SSN on a K-1 recorded in client management for the Import K-1 button to be active.


    (figure 7)

  7. Click on the Import K-1 button and any available matching K-1's will be listed below. Click on the appropriate K-1 to import (figure 8).


    8. (figure 8)

  8. A window will pop up asking if you wish to delete any existing imputs before importing. If you don't want any entries deleted, click no. If you want to delete any existing entries and continue with the import, click Yes (figure 9).

      9. Note: Clicking No to this message will stop the import process and will require you to imput entries manually.


    (figure 9)

  9. The information will then be imported into the return and the corresponding information will be entered on the K-1 received input screen (figure 10).


    10. (figure 10)