Prepare source returns for K-1 Transfer
Complete the source returns and get the entity, locator, account, and activity information required before transferring Schedule K-1 data to the 1040 return.
Before you transfer Schedule K-1 information to a 1040 return, make sure the source return is complete and that you have the identifying information needed for the transfer.
- Prepare, review, and finalize the source return.Supported source returns include 1120S, 1065, and 1041. The return should be complete before the Schedule K-1 data is transferred.
- Close the source return.Note the entity type, locator number, and account number.
- Identify whether the taxpayer or spouse receives more than 1 Schedule K-1 from the entity.If more than 1 Schedule K-1 exists, note the partner, shareholder, or beneficiary numbers assigned to the taxpayer or spouse.
- If you plan to perform a detail transfer, note the activity numbers in the source return.
The source return is ready for Schedule K-1 Transfer, and you have the information required to complete the transfer.
Transfers from the 1041 system are always detail transfers.
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