Status of Schedule K-1 Transfer
Review the transfer status results for Schedule K-1 imports to determine whether a source K-1 matched an existing 1040 K-1, created a new K-1, was bypassed, or couldn’t be transferred.
Use the Transfer Status Summary tab to review the results of the transfer. The Transfer Status column indicates whether the transfer was successful, unsuccessful, or bypassed. For more detail, go to the Schedule K-1 Import Organizer tab to review the Transfer Status section.
Status | Description |
|---|---|
K-1 match successful | Source K-1 matched to this 1040 K-1, and source K-1 data overrides the existing 1040 K-1 successfully. |
New K-1 created | The system doesn't find a matching existing 1040 K-1 for the source K-1. The system created a new 1040 K-1 based on the source K-1 information. |
Source K-1 not found | No source K-1 found matching the 1041 K-1. Check the information in the Organizer to determine if it was completed correctly. To return to the Organizer, select the transfer status or go to tab. |
Incomplete entries | Incomplete entries appear if the Schedule K-1 Import Organizer doesn't have complete information. Entity type, account number, locator number, partner/shareholder/beneficiary number, and Schedule K-1 types are required on this Organizer. A property number is required for certain Schedule K-1 types indicated by an asterisk (*). If any required information is missing, the transfer doesn't take place and the following message appears after you initiate the transfer: The K-1 Import screen contains incomplete entries. Also, if the entity type is missing on the Organizer, the transfer function doesn't consider the K-1. |
Bypassed | After the 1st transfer, if you want to transfer again but exclude one or more locators that were transferred previously, the system gives a bypassed status for the Schedule K-1s that were previously transferred. |
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