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Federal input screens

Screen K1-4 - Form 1065/1041 Schedule K-1 - Credits and Foreign (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
To the left of each field in the K1-4 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 to 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.

Credit Information

In addition to the fields in this screen, the application automatically calculates and transfers qualified rehabilitation expenditures (rental real estate) from Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary from the K13468 Screen to Schedule K, Credits.

Foreign Transactions

In addition to gross income from all sources entered here, the application automatically calculates and transfers all other foreign transactions information from Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary from the K1Frgn Screen to Schedule K, Foreign Transactions.
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