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Federal input screens

Screen K1 - Form 1065/1041 Schedule K-1 - Income (1065)

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.

General Information

The application uses the entity name in the folders block as the unit description. This field is mandatory.
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.
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.
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.

Liabilities

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

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.
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.
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.
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.
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