Transfer Schedule K-1 information to the 1040 return
- In the 1040 return, go toOrganizer,Income,Schedule K-1 Transfer, and thenTransfer K-1 Information.
- If you're transferring from a source return for the first time and you wish to create a new K-1 activity(ies) because the source K-1's new to the taxpayer, skip to step #. The import will create new Schedule K-1 activity(ies) and tie it to the source document.
- If you used K-1 transfer last year to import from the source return, skip to the next step because the information that ties the K-1 activity to the source return was proforma'd from last year.
- If you're transferring a source return for the first time into an existing K-1 activity the source return needs to be tied to the K-1 activity as follows:
- On theSteps for K-1 Transferscreen, select the K-1 activity name under the Step 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 based on the entity type of the source return. The types listed are based on the activity schedules the source return could produce.
- The source entity's property number's needed if you're transferring in detail and the Schedule K-1 type picked begins with an asterisk *.
- Select Transfer K-1 Info to identify the source returns and indicate if you want summary or detail transfers.
- Complete the K-1 information transfer.noteIf you're transferring the spouse's activity, you must override the SSN number.
- SelectK-1 Importto activate the import process and transfer all activities. When the transfer's complete, the messageTransfer Completewill appear.
- SelectTransfer Status Summaryto review the results of your transfer.
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