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Federal input screens

Screen K1-6 - Form 1065/1041 Sch K-1 – Other, Sch M-3 Sec 179 CO (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 application automatically transfers the information in this screen to all related forms and schedules.
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 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.)
You'll need to review all data you share among clients.

Other Information (continued)

In addition to the fields in this screen, the application automatically calculates and transfers the following items from Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary from the
K1QBI
 and
KSup
screens to the Schedule K, Other Information section.
  • Section 199A REIT dividends
  • Other information

Schedule M-3 Information

Use this section to enter information about the passthrough activity for Schedule M-3. If you can't use Schedule M-3 or it has been suppressed, the application ignores entries in this section.
By default, the application determines the type of entity based on data entry in the
K1
 screen. The application uses the type to determine the line on Schedule M-3 on which the income (loss) and temporary or permanent difference is reported. Select a type from the dropdown list to report the passthrough activity information on a different line on Schedule M-3 or to exclude the passthrough activity from Schedule M-3.
  • US partnership - The passthrough activity is considered a US partnership if you enter a US address for the passthrough activity and select
    1
     or
    3
     in
    Type of entity
     in the
    K1
     screen. The application reports the information for the US partnership on Schedule M-3, Page 2, Income (loss) from U.S. partnerships.
  • Foreign partnership - The passthrough activity is considered a foreign partnership if you enter a foreign address for the passthrough activity and select
    1
    . The application reports the information for the foreign partnership on Schedule M-3, Page 2, Income (loss) from foreign partnerships.
  • Other passthrough entity - The passthrough activity is considered another passthrough entity if the entity isn't a US partnership or a foreign partnership. The application reports the information for the other passthrough entity on Schedule M-3, Page 2, Income (loss) from other passthrough entities.
Enter the end-of-year percentages. The application includes the percentages entered in these fields in the statement on the line of Schedule M-3, Page 2.
The application calculates the income (loss) per income statement, temporary difference, and permanent difference for each passthrough activity using data from the
K1
,
K1-2
,
K1-5
, and
K1Frgn
 screens. Enter an amount, including
0
 (zero), to force the calculated amount.
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