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Partner information and Schedule K-1
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Search Income Tax (ONESOURCE) Help and Support.

This article applies to:

  • Product: ONESOURCE Income Tax
  • Return type: 1065 Partnership
  • Subject: Print requirements

Schedule K-1 print requirements

To print Schedule K-1, Federal Partner's Share of Income, Credits, and Deductions:
  1. In the
    Organizer
    , select
    Partner Information
    , then the
    Partner by Partner Data
     folder.
  2. Make sure there's at least 1 partner added here for the K-1s to print.
  3. Do a full recompute, then print the return.
If the schedule isn't printing, make sure it isn't suppressed:
  1. In the
    Organizer
    , select
    General Information
    , then the
    Return and Print Options
     folder.
  2. Go to the
    Sch K, K-1 and Activity Schedule
     tab.
  3. In the
    Print or Suppress
     section, make sure the
    Print for Schedule K-1, partner activity schedules, and Schedule K-3
     checkbox is marked.
  4. Do a full recompute, then print the return.
Why is Schedule K-1 blank for all partners?
To transfer the partnership income and deductions items from the Schedule K to each partner's Schedule K-1, partner allocations need to be enabled under the
Organizer
Partner Allocations Disabled
 screen. Select the checkbox and perform a
Full Recompute
.
How can Schedule K-1, line 20a be specially allocated?
GoSystem Tax automatically applies the same allocation ratios used for Investment Income included in
Lines 5
6a
7
11
 and Investment Expenses included in
Line 13d
 to the allocation of
Line 20a
 and
Line 20b
. It also automatically transfers the total amount entered on
Lines 5
6a
7
11
 to
Line 20a
 and transfers deductions related to Portfolio Income amount entered on
Line 13d
 to
Line 20b
.
Because of this, additional entries on
Line 20a
 and/or
Line 20b
 for the amounts or the allocation codes are not necessary. Amounts or allocation codes entered on these lines could cause over-allocation on
Line 20a
 and/or
Line 20b
.
To review special allocations, go to
Organizer
Sch K
Other Information
Other Items
 tab. The link for
Allocation Note
 next to
20a
 or
20b
 contains more information.
How can Various be printed for the ratios on Schedule K-1?
Go to
Organizer
Partner Information
Common Partner Data
Sch K-1 Print Options
 tab and enter
Various
 in the
Schedule K-1 Ratios
 section for the ratio.
Why is Schedule K-1, Item L blank in print preview when it shows amounts in Tax Forms?
Schedule K-1
Item L
, Partner's capital account analysis, will show in Tax Forms but print blank if
Form 1065
Page 3
Schedule B
Question 6d
 is answered
Yes
. If Yes, the partnership is not required to complete
Schedules L, M-1, and M-2
;
Item F
 on page 1 of Form 1065; or
Item L
 on Schedule K-1.
To force print
Item L
 even though it is not required, go to
Organizer
General Information
Return and Print Options
Form 1065, Pages 1, 5 and 1125-A
 tab. Under the
Schedules L, M-1, M-2 and K-1 Item L Print Options
 section, select the checkbox to
Print Schedules L, M-1, M-2, K-1 Item L, and Form 1065 Page 1 Item F amounts and detail when Form 1065, Page 3, Schedule B, line 6 is "Yes."
Schedule K-1 Item L Tax Basis Checkbox is not Printing
Tax Forms
Federal
Sch K-1
Item L
 - the
Tax Basis
 checkbox is checked but not showing in print preview.
Go to
Organizer
General Information
Return and Print Options
Form 1065, Pages 1, 5
Schedules L, M-1, M-2
 tab, select the checkbox for
Form 1065, Page 1 Item F when Form 1065, Page 2, Schedule B, line 5 is Yes
 and perform a full recompute.
How can Schedule K-1 aggregation be used in a 1065 return?
Partner Schedules K-1 created using a third-party software can be aggregated into the XML file and thereby included as part of the complete e-filed return. This process takes the parts of the XML file containing Schedules K-1 and merges them with the final XML file that is submitted. The third-party file containing the K-1s must have an
.XML
 extension.
To Attach the Third Party XML File:
  1. From within a return, navigate to
    Organizer
    Federal E-file
    Attachments
    Summary
     and click the
    Attach PDF
     button.
  2. In the
    Electronic Filing Attachments
     window, select
    Add
    . Select
    Federal K-1 Aggregation
     as the
    Attachment Jurisdiction
    . State K-1 Aggregation options are also available.
  3. Select
    Next
     and browse to the applicable K-1 XML file. Repeat this process for each K-1 file to be included and click
    Done
     when finished attaching files.
  4. Perform a full recompute to finish attaching the file(s).
  5. Navigate to
    Organizer
    Federal E-file
    Attachments
    K-1 Aggregation
    K-1 Aggregation
    . Each K-1 file attached will be displayed.
  6. Press the
    Validate K-1 XML File
     button to ensure the K-1 files have no validation errors. The merge process cannot be completed if validation errors are identified in the K-1 aggregation file. If errors exist, the third-party software should be used for correcting these errors and re-creating the XML file.
  7. If the K-1 aggregation file is meant to be used in place of the GoSystem Tax K-1s, navigate to
    Organizer
    General Information
    Return and Print Options
    Sch K, K-1 and Activity Schedules
     tab and select
    Suppress
     for
    Schedule K-1 and partner activity schedules
    .
  8. Once the file is attached and validated, complete the remaining steps in the
    Federal E-file
     folder.
  9. When reviewing the e-file viewer, K-1s attached using the K-1 aggregation process will be identified with
    vdoc
     in the document ID.
K-1 Aggregation is available for State returns which are supported in e-file. Navigate to
Organizer
States
[State]
E-file
K-1 Aggregation
Summary
.

Allocated amounts missing

Make sure you've marked Enable Partner Allocation, then do a full recompute. If the amounts are still missing:
  1. Go to
    Organizer
    Partner Information
    Partner by Partner Data
    Columnar Partner Entry
    Ratios/Units
     tab and make sure each partner has a number and ratios.
  2. Go to
    Organizer
    Partner Information
    Allocations
    Allocation Options
     and make sure you've entered the correct time and type. Verify allocations used on this return total 1.000 (if using ratios) or that they match the total on the tax form.

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