Triva isn't available right now.
Check out the support page for our phone number and hours
Solutions
Law firms
Tax, audit & accounting firms
Success stories
-
A true competitive advantage
Law firm Zarwin Baum’s embrace of generative AI as the natural next step in the evolution of legal work and their adoption of CoCounsel Legal has helped them achieve remarkable efficiency gains and improved client relationships.
-
Workflow transformation drives impact
Brinks, a global leader in secure logistics and security solutions, used CoCounsel to reimagine what was possible with AI tools, turning legal challenges into a competitive advantage.
-
The forefront of audit tech
A better auditing workflow solution was the answer to multiple challenges faced by The Mercadien Group. Find out how they achieved greater efficiency by embracing Cloud Audit Suite.
Questions? We are here to help.
Products
Legal
Trade & supply
Tax, audit & accounting
- 1040SCAN
- Audit Intelligence Analyze
- CoCounsel Audit
- CoCounsel Tax
- Ready to Advise
- Ready to Review
- View all
Corporate tax
Recommended products
-
CoCounsel Legal
Transform your work with the only AI legal solution uniting research, drafting, and document analysis in a single experience. Designed by legal experts and built on trusted content and advanced AI, CoCounsel Legal accelerates multistep work so you can better serve your clients and grow your business.
-
CoCounsel Tax
Transform your tax practice with CoCounsel Tax, an AI-powered assistant that combines trustworthy answers, automation, and firm knowledge into one seamless platform. Enhance efficiency, reduce risk, and improve client confidence with CoCounsel Tax.
-
CLEAR
Powerful software designed for law enforcement, compliance, risk, and fraud investigators. Conduct thorough investigations with ease using our intuitive online investigation software. Efficiently, prevent, detect, and solve crime.
Questions? We are here to help.
Purchase
Buy solutions
Resources
Insights
Events
Product training
Product communities
Developers
Highlights
-
2026 SKILLS showcase
Join weekly sessions to experience in-depth demonstrations of the leading legal AI products while connecting with strategic law firm leaders in knowledge management, innovation, and AI.
-
Ghosts on the ledger
Payroll fraud is a major compliance risk. Learn how payroll analytics and AI-powered tools can help exorcise phantom employees and employers.
-
Future of professionals report 2025
The Thomson Reuters Future of Professionals Report 2025 reveals how AI continues to shape professional work — and what it takes to get ahead. This year’s report shows that increased efficiency, productivity, and cost savings top the list of benefits professionals attribute to AI, making it indispensable for organizations facing rapid change.
Screen K1 - Form 1065/1041 Schedule K-1 - Income (1065)
Show all hidden content
Overview
Use this screen to enter data from Schedules K-1 received from other partnerships, estates, or trusts where the current partnership is a partner or beneficiary. Enter data from the current partnership in all other screens. The information in this screen automatically transfers to all related forms and schedules.
Screen arrangement
On the left side of each field in the K1 Screen, the application details the Form 1065 and Form 1041 Schedule K-1 line and code reference number, if applicable. The line and code reference number indicate where you should enter each item from the passthrough Schedule K-1.
Data sharing
You can automatically share K-1 financial data among all 1040, 1041, 1120, and 1065 clients. For clients that are partners in a partnership, you can choose to share the Schedule K-1 financial data in total or by activity. (Financial data can transfer
into
1120C clients, but not out of
these clients.) For details, see Data sharing overview.note
You must review all data you share among clients.
General Information
Name of passthrough entity
The application uses the entity name in the folders block as the unit description. This field is mandatory.
Maximum percentage owned in profit, loss, or capital
Enter the maximum direct and indirect percentage owned in profit, loss, or capital. If any passthrough entity has a direct ownership percentage greater than 20 percent or the sum of direct ownership and indirect ownership percentages greater than 50 percent, the application reports the name; employer identification number; type of entity; country of organization; and maximum percentage owned in profit, loss, or capital of the passthrough entity on Form 1065, Schedule B, line 3b.
Partnership qualifies for section 1202 exclusion
Enter X if the partnership qualifies for exclusion on IRC section 1202 gains. By default, the application transfers the amounts entered in the Section 1202 gain: 50% exclusion, 60% exclusion, 75% exclusion, and 100% exclusion fields in the Income section of the K1-2 Screen to Schedule D. If you enter X in this field, the application includes the amounts on Schedule K, Other income (loss) instead.
Code section 751 elections
Use this statement to enter required information for the following election statements.
- Statement of Disproportionate Distribution From a Partnership Holding Code Section 751 Property (Regulation 1.751-1(b)(5))
- Statement of Sale or Exchange of Interest in Partnership That Has Code Section 751 Property (Regulation 1.751-1(a)(3))
The tax elections automatically print with the return and are included in the electronic file, if applicable.
note
If you use this field to make an election, do not select the election(s) in the Election Statements section of the Elect Screen.
Liabilities
Nonrecourse / Qualified nonrecourse / Recourse
The application uses these fields to calculate the partner's share of liabilities on Schedule K-1 and the Partner Basis Worksheet. These amounts are not included in the calculation of Schedule L liabilities.
Income
Guaranteed payments for services
Enter guaranteed payments for services from the passthrough activity. This amount transfers to Form 1065, Page 1, Other income. The application does not automatically include the amount entered here on Schedule K, Guaranteed payments; the application does not assume amounts entered here are also guaranteed payments to the partners of the current partnership.
Guaranteed payments for capital
Enter guaranteed payments for capital from the passthrough activity. This amount transfers to Schedule K, Interest income. The application does not automatically include the amount entered here on Schedule K, Guaranteed payments; the application does not assume amounts entered here are also guaranteed payments to the partners of the current partnership.
US interest
Enter U.S. interest from the passthrough activity. UltraTax CS The application includes this amount in Schedule K, Interest income and separately states the income from U.S. obligations on Schedule K-1, box 20, Other information.
Total ordinary dividends: US obligations
Enter U.S. interest included in ordinary dividends from the passthrough activity. The application separately states the income from U.S. obligations on Schedule K-1, box 20, Other information.