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Q&A for Schedules K2/K3

DK-1 and Data connection questions about Schedules K-2/K-3

Q: Is Direct K-1 and Data Connection available for Schedule K-3 in the 1065 tax software?
A: Yes, Direct K-1 and Data Connection are both available for 1065 returns. Data Connection articles and specifications are here.
Data Connection is available in all tax return types (for example, 1040, 1120, 1065).
Q: I plan to use Direct K-1 (DK1) for this tax year. Are there any links I can use to prepare for this?
Q: What is the difference between Data Connection and Direct K-1?
A: Data Connection imports to organizer fields and allows the system to perform calculations, allocations, and populate the tax form screens with data for all GoSystem and ONESOURCE tax returns. Direct K-1 imports your data directly to the Tax Forms and Workpapers for 1065 returns.
Q: Is it required to have item 'C' values in the PX file for K-2 Import always?
A: The only required fields for Data Connection import are fields associated with group data. If you navigate to a screen and notice group members in the navigation sidebar (for example, each partner in the partnership), at least one field must contain data for the group member to be visible in the navigation sidebar. When importing data into fields that are part of a group, make sure to import into the required field if data does not already exist.
Q: Is Data Connection available to all GoSystem and/or ONESOURCE users?
A: Data Connection is a supplemental product that requires its own subscription to use. Data Connection allows users to import data into a locator and works for both GoSystem and ONESOURCE.
Q: Can the Data Connection import template be exported from GoSystem Tax?
A: Data Connection import and export files are the same format – a CSV file with a different extension that depends on the tax year and tax application type (1040, 1065, 1120, etc.). You can export a locator, modify that file, and re-import because import and export use the same file format. You can also use any text editor, Microsoft Excel, or any programming you create that modifies text files to generate a Data Connection import file.
Q: Do I activate partner allocations if I am using the Direct K-1 to K-3 to import into the return?
Do not select the option
Enable Schedule K-3 partner if not using Direct K-1 Import for Schedule K-3
 when using (or going to use) Direct K-1 to K-3 on the tax return. Select this only if you are allocating from Schedule K-2 to Schedule K-3 and not using the Direct K-1 import to K-3.
Q: If I selected Enable Schedule K-3 partner if NOT using Direct K-1 Import for Schedule K-3 check box and am now using Direct K-1 to K-3 to import data, how do I delete the data already allocated to Schedule K-3?
  1. Uncheck
    Enable Schedule K-3 partner if not using Direct K-1 Import for Schedule K-3
    .
  2. Compute the return.
  3. Go to
    Organizer
    Partner Information
    Common Partner Data
     and
    Delete All
    .
  4. Scroll to the bottom of the Organizer screen and read the instructions.
  5. Select
    Delete All Schedule K-3
    .

This article applies to:

  • Product: ONESOURCE Income Tax Express RS
  • Return type: 1065 Partnership
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