Transfer Schedule K-1 information to the 1040 return
Transfer Schedule K-1 information from partnership, S corporation, trust, and estate returns into a taxpayer's 1040 return by using summary or detail transfer.
- Prepare, review, and finalize the source return before you transfer Schedule K-1 data.
- Note the entity type, locator number, and account number for the source return.
- If the taxpayer or spouse receives multiple Schedule K-1s from the entity, note the partner/shareholder/beneficiary number.
- If you want to perform a detail transfer, note the activity numbers in the source return.
note
Transfers from the 1041 system are always detail transfers.
Use Schedule K-1 Transfer to transfer Schedule K-1 information from 1065, 1120S, and 1041 source returns into the taxpayer's individual 1040 return.
Transfers can be made in summary, which transfers all source income into one Schedule K-1 activity in the 1040 return, or in detail, which transfers data activity by activity and can create multiple Schedule K-1 activities.
You can transfer information into existing Schedule K-1 activities or create new Schedule K-1 activities.
- In the 1040 return, go to .
- If you're creating a new K-1 activity for a source return that hasn't been transferred before, skip Step 1 and go to theTransfer K-1 Infotab.The import creates a new Schedule K-1 activity and ties it to the source document.
- If the source return was transferred in the prior year, go to theTransfer K-1 Infotab.The information that ties the K-1 activity to the source return is proforma'd from the prior year.
- If you are transferring a source return for the 1st time into an existing K-1 activity, prepare the existing activity for import.
- Select the K-1 activity inStep 1 - Prepare an existing K-1 to import information into.
- Enter the entity type, account number, and locator number of the source return.
- Select a Schedule K-1 type.
- For summary transfer, selectSummary Basis.
- For detail transfer, select the activity schedule to import.
- If necessary, enter the partner/shareholder/beneficiary number.
- If you are transferring in detail and the selected Schedule K-1 type begins with an asterisk (*), enter the property number.
- Go to theTransfer K-1 Infotab.
- Enter the import information.
- MarkX = to importfor each entity that you want to import.
- Enter the entity type, return (locator number), and account number.
- Review theSSNfield.
- Keep the default Social Security number (SSN) for the taxpayer.
- Override the SSN for the spouse.
- If the taxpayer or spouse receives multiple K-1s from the same entity, enter the partner/shareholder/beneficiary number instead of the SSN.
- Select the transfer method.
- SelectSummaryto combine all activities from the source return into 1 activity in the 1040 return.
- SelectDetailto import source return activities separately into the 1040 return.
- SelectK-1 Import.When the transfer is complete, the messageTransfer Completeappears.
- SelectTransfer Status Summaryto review the transfer results.For more detail, go theSchedule K-1 ImportOrganizer tab and review theTransfer Statussection.
The selected Schedule K-1 information is transferred to the 1040 return.
note
- Foreign Partner's Information transfers only in summary mode.
- Transfer from 5227 trusts or grantor trusts is not available.
- Transfer tools work only for returns with the same processing year.
- If an activity doesn’t transfer, verify the locator number and account number and confirm the source return isActiveand its processing status isNot processing.
- If the program can't locate the K-1 by SSN, enter the partner/shareholder/beneficiary number.
- Some Schedule K-1 items don’t transfer to the individual return and must be entered manually on the Schedule K-1 Information Organizers.
Related Content
-
About Schedule K-1 Transfer
Format:
Article,
1 min read
