Limitations of Schedule K-1 Transfer
Review the limitations of Schedule K-1 Transfer for 1040 individual returns, including unsupported transfers and Schedule K-1 amounts that don’t transfer to the individual return.
The following limitations apply when using Schedule K-1 Transfer for 1040 individual returns.
- Foreign partner information transfers only in summary.
- Transfer from 5227 trusts or grantor trusts is not available
- These transfer tools function only for returns with the same processing year.
- The following items on Schedule K-1 don't transfer to the 1040 return. Enter these amounts in the Organizer, Schedule K-1 Information screen.
1040 K-1 lines | 1065 K-1 lines | 1120S K-1 lines | Description |
|---|---|---|---|
N/A | 4f | 4f | Other portfolio income (loss) |
N/A | 7 | 8 | Other income detail |
N/A | 11 | 10 | Other deductions detail |
4d | N/A | N/A | Amortization |
N/A | N/A | 12a | Credit for alcohol used as fuel |
12b-g | N/A | N/A | Deductions for the final year of the trust or decedent's estate |
13a | N/A | N/A | Payments of estimated taxes credited to you |
N/A | 13a | N/A | Credit for income tax withheld |
N/A | 13c-e | 12c-e | Credits related to rental real estate activities |
N/A | 14 | 13 | Other credits |
N/A | 15C | N/A | Gross nonfarm income |
11c | 16e | 14e | Other adjustments and tax preference items |
10 | 17a-g | 15a-g | Foreign taxes |
N/A | 18a-b | 16a-b | Expenditures to which a §59(e) election may apply |
N/A | N/A | 20 | Property distributions (including cash) other than dividend distributions reported on Form 1099-DIV |
N/A | N/A | 21 | Loan repayments for “Loans from Shareholders” |
N/A | 22a-b | 22a-b | Recapture of low-income housing credit |
13c | 23 | 23 | Supplemental information / Other items |
1041 Schedule K-1 amounts that don't transfer
For 1041 returns, these transfer tools function only for returns with the same processing year. Transfer from 5227 trusts or grantor trusts is not available.
The following amounts on a 1041 Schedule K-1 don’t transfer to a 1040 return:
- Amortization — line 4d
- Foreign taxes — line 10
- Other adjustments and tax preference items — line 11c
- Deductions for the final year of trust or decedent's estate — lines 12b-g
- Payments of estimated taxes credited to you — line 13a
Related Content
-
About Schedule K-1 Transfer
Format:
Article,
1 min read
