Prepare source returns for K-1 Transfer
- Prepare, review, and finalize the source returns (1120S, 1065, or 1041). The returns should be complete before the K-1 data's transferred.
- Close the source returns and make note of the entity type, locator numbers, and account number.
- If the taxpayer, or spouse, receives more than 1 Schedule K-1 from the entity, note the partner/shareholder/beneficiary numbers assigned to the taxpayer.
- If you wish to perform a detail transfer, note the activity numbers of the activities in the source return.noteTransfers from the 1041 system are always detail transfers.
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About Schedule K-1 Transfer
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