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Use K-1 Reclass
The
K-1 RECLASS
tab lets you review the descriptions and amounts captured from the K-1 supplemental pages. You can also rectify any K-1 supplemental data that was were incorrectly recognized during the OCR/verification process. After verifying the supplemental K-1 data, you can reclass (reassign) the amounts to match their respective lines in the tax software. You can also minimize review time by using SurePrep's auto-recommendations feature to reclassify Schedule K-1 supplemental data with possible suggestions.note
Only selected variations of supplemental K-1 data are captured and available for K-1 Reclass. View a list of all covered variations.
Before you begin
Check requirements.
Before you begin, select here to check if your tax software, service, and binder type are supported.
Enable the feature.
To capture and reclass Schedule K-1 supplemental data, your firm must first enable the supplemental K-1 feature. Additionally, you can also enable the K-1 Reclass auto-recommendation feature to automatically reclassify Schedule K-1 supplemental data with possible suggestions.
note
Supplemental K-1
feature is enabled. SurePrep will capture and enable the K-1 Reclass feature for all new binder submissions.Viewing K-1 RECLASS tab
There are two tabs:
Classic
Simplified
Classic Leadsheets Binder
There are three ways to access the
K-1 RECLASS
tab:Select
Binder
, then K-1 Reclass
.
note
K-1 Reclass button is not visible for binders without leadsheets.
You can also select the 
icon on the toolbar.
K-1 Reclass
icon on the toolbar.
(Classic Leadsheets) On the
forms
tab, when viewing Schedule K-1, you can select the entity and then select the K-1 Reclass
button.
A new
K-1 RECLASS
tab will appear on the bottom. You can select the other tabs to switch back and forth if necessary.
On the left panel, select the entity/activity to view supplemental data for that Schedule K-1.
Data captured from supplemental pages will appear under their associated fields.
Simplified Leadsheets binder
There are two ways to access the
K-1 RECLASS
tab:Select
Binder
, then K-1 Reclass
.note
K-1 Reclass button is not visible for binders without leadsheets.
You can also select the icon on the toolbar.
K-1 Reclass
icon on the toolbar.A new
K-1 RECLASS
tab will appear on the bottom. You can select the other tabs to switch back and forth if necessary.On the left panel, select the entity/activity to view supplemental data for that Schedule K-1.
Data captured from supplemental pages will appear under their associated fields.
note
Not all line items (that is, sections) are captured on a supplemental K-1 page. For example, SurePrep may only capture
Line 11, CODE I
(with single code only) and Line 13 (with multiple codes). If there is no supplemental data for the selected Schedule K-1 entity, then you will see
Reclass data not available for this type!
.
Add section
If reclass data is not available for a particular line number/section (for example, not captured by OCR or the verifier), then you can manually add the section to your entity/activity.
Select the
ADD SECTION
dropdown menu, select an option, then select ADD SECTION
.
A new section will be added where you can add/capture the relevant information from the page. To capture data from the page, select the 
icon to select the text on the source document.
Add
icon to select the text on the source document.
You can select descriptions, amounts. The highlighted text will appear in the field. You can also manually add/edit the description if necessary.
Add new rows
If the supplemental K-1 data was not captured, then you can select
ADD NEW ROW
to add a new row.
Delete data
To delete a row, select the 
icon next to each row.
Delete
icon next to each row.
Select
Yes
to verify. Select No
to cancel deleting the row.
You can also select the icon to delete the individual entry, then select the 
icon to select the text on the source document.
Delete
icon to delete the individual entry, then select the Add
icon to select the text on the source document.
Navigation
Each table may only show a limited number of rows. You can select the arrow 
icons to go between multiple entries for each line.
icons to go between multiple entries for each line.
Icon | Description |
|---|---|
 | Goes to the first page in the table. |
 | Goes to the previous page. |
 | Goes to the next page. |
 | Goes to the last page in the table. |
Modifying supplemental K-1 data
If the supplemental K-1 data was erroneously assigned to another line number or activity, then you can modify the
Reclass to
or Activity Number/Activity Name/Activity Type
column to make any necessary corrections. 
K-1 Reclass auto-recommendation
If your firm enabled the Supplemental K-1 auto-recommendation feature then SurePrep will automatically populate the 
icon next to the recommendation.
Reclass to
column with recommendations highlighted in blue and pink colors, along with a Clear
icon next to the recommendation.
Color | Description |
|---|---|
Blue | K-1 reclass recommendations based on how it was captured in the prior year by your firm (that is, proforma). |
Pink | K-1 reclass recommendations from SurePrep's Artificial Intelligence (AI) and Machine Learning (ML). SurePrep's AI/ML automatically learns common matches over time and shows them as recommendations. In addition to AI/ML recommendations, SurePrep also mimics suggestions based on how SurePrep's expert preparers and reviewers reclassed the item. |
Tip: Point to the Reclass Recommendations to view the color legends.
You can reclass the information by selecting another option from the dropdown menu or select a icon to clear the reclass suggestion.
Clear
icon to clear the reclass suggestion.
Similarly, you can select the
Revert reclass suggestion
icon to restore SurePrep's reclass recommendation.
You can also select
Clear suggestions across all K-1s
to clear reclass suggestions for all Schedule K-1 supplemental pages.Tip: You can also select the icon on the column header to clear all reclass suggestions for that K-1.
Clear
icon on the column header to clear all reclass suggestions for that K-1.Post Reclass
Select
POST RECLASS
to save changes made to supplemental K-1 data.
On the confirmation window, select
Yes
to post the changes to Source Document
, Forms
tab, and Leads
tab.
Alternatively, if you have Supplemental K-1 auto-recommendations on the
Reclass To
column then you will see the number of recommendations currently selected by SurePrep across all Schedule K-1 supplemental pages. Select Yes
if you have reviewed the all recommendations and want to continue.
Select
OK
to proceed.After you select
POST RECLASS
, supplemental data will update the following areas:- Source Document
- LEADS tab
- FORMS tab (Classic Leadsheet Binders only)
- Tax software after exporting data to the tax software
- A printed copy of the binder
Source Document
References on one or more source documents will update if the entry was reclassified to a new line number on the
Reclass to
column.
You will see stamps (yellow shape circle with red font) if the summary and details data appear on the same page.
You will see cross-references (yellow background with black font) if the summary and detail appear across different pages. You can select the cross-reference stamp to go to the relevant page.
LEADS tab
Leadsheets will update according to the selection. Right-click anywhere on the leadsheet, go to
Tools
, then Force Recalculate
on the shortcut menu.Supplemental K-1 data from the
K-1 RECLASS
tab will be populated in the List
sheet in the Leadsheet.
Supplemental K-1 data will are also is populated in the
LEADS
, Review Sheets Summary
, then Schedule K-1 Reconciliation
sheet(tab).
Forms tab (Classic Leadsheet Binders Only)
For classic leadsheet binders, select
INPUT FORMS
to go to the selected K-1 entities on the FORMS
tab.
Supplemental K-1 data will populate/update to the Activities/Fields in Input Forms. Multi-instance entries will appear as individual entries on the
Forms
tab.
Lines with a single instance will show the amounts combined to a single line. You can view the individual amount values listed on the calculator tape.
Export Reclass window
The
Export Reclass
confirmation window appears when you attempt to export the binder to the tax software without using the POST RECLASS
button to save the changes. To export data without new changes made to supplemental K-1, select
Continue
.To export data with new changes made to supplemental K-1, select
Cancel
. Go to the K-1 RECLASS
tab, select POST RECLASS
, then try again.
Requirements
Firm settings | Enable Supplemental K-1 feature |
Binder Type |
|
Leadsheets |
|
Services |
|
Tax Software |
|
Submission Type |
|
Tax Year | 2019 onwards * Available for binders created after this feature is enabled. |
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