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State K-1 (Capturing State K-1)
Capturing and exporting State K-1 data can be customized to your firm's preferences. You can select whether to only capture proforma data, proforma plus new state(s), or no states at all. During verification, State K-1 not captured by OCR will be marked as
Bookmark Only
and exported to SPbinder and tax software without any data. A verifier can also clear the Bookmark Only
checkbox then capture the data if necessary. Example: If your domain settings only capture proforma State K-1, and the new state requires you to file a K-1 for state tax returns, then you can clear the check box to capture the new state.
note
Your new State K-1 options will only apply to new binders created after this feature is enabled.
State K-1 Options
Follow these steps to select how State K-1 should be handled:
Select
FileRoom
> Admin
> Tax Return
.
On the location dropdown, select the office location. The tax return option changes will apply to the selected office location.
note
When selecting tax return options, if no office location is selected then the blank location (first option) settings will be used by default. Any new office location added will inherit the blank location settings.
Go to the
State K-1
section.
You can select from the following State K-1 options:
Option name | Captures/Exports | Description |
|---|---|---|
Capture and Export all the State K-1 data for Proforma'd States only | Only States with Proforma | Captures/Exports State K-1 data to tax software if proforma exist in the tax software (Resident and Non-Resident). Selected by default for Outsource services. |
Capture and Export all the State K-1’s (i.e. Proforma'd + New) | All State K-1 | Captures/Exports all State K-1 data to tax software. Includes (proforma) states already in the tax software and any new states that were submitted. Selected by default for all services (except Outsource) |
Bookmark Only State K-1’s (Do not pick data) | None | Bookmarks all State K-1 data. Data would not be captured or exported to tax software. Irrespective of the state being proforma’d or not, Resident/Nonresident. |
note
If you have selected the option to capture State K-1 information, only the fields supported by your tax software will be captured and made available for verification.
Review Wizard: Verification
OCR will capture and identify State K-1 as either resident, non-resident, or a new state that is not available in the tax software. OCR will automatically capture/omit data based on the selected firm/domain level setting. Stamps are placed on top to help the verifier check if the document needs to be captured or Bookmark Only without capturing any data.
Stamps
States with (proforma) data in the tax software can be
Resident
or Non-Resident
according to how they're defined in the tax software. The Non-Resident
stamp appears if the State K-1 is a proforma state that's not the taxpayer's primary residence (according to proforma in the tax software). 
Resident
State K-1 won't show a stamp. note
Although state may be a proforma, within each state, OCR highlights new entities in green and proforma'd entities in blue according to the default behavior.
States without (proforma) data in the tax software will show the
New State
stamp.
Auto verified State K-1 pages will also have pink a
Auto Verified
stamp on top.
note
Stamps only appear on the Verification step of the Review Wizard. You will not see this stamp in post verification (i.e. CFA, NFR) or SPbinder.
Capture or Bookmark Only
Based on the default selected option, OCR can capture or omit State K-1 data. State K-1 that shouldn't be captured by OCR will be marked as
Bookmark Only
and exported to SPbinder and tax software without any data. However, during verification, a verifier can clear the Bookmark Only
check box then capture the data if necessary.To check the State K-1 option for the current binder, select the 
on the toolbar.
Engagement Information
icon on the toolbar.On the
Engagement Information
window, you will see all 3 available options. The selected option indicates how the OCR and verifiers should handle each State K-1.note
OCR will capture or bookmark the data according to the selected option. If needed, verifiers can clear the
Bookmark Only
checkbox to capture/verify the data for export.Option 1
Capture and Export all the State K-1 data for Proforma'd States only
Only proforma state will be Captured (Resident & Non-Resident)
New state will be
Bookmark Only
and not captured. 
Option 2
Capture and Export all the State K-1’s (i.e. Proforma'd + New)
Proforma state will be Captured.
New state will be captured.
Option 3
Bookmark Only State K-1’s (Do not pick data)
No State K-1 will be captured or exported to the tax software. Select
Bookmark Only
.
SPbinder
In SPbinder, State K-1 appears in
INDEX TREE
> Schedule K-1
. You can see which State K-1 is associated with Resident (RES), Non-Resident (NRE), or a New State (NEW) based on the initials next to the name.
note
In the
INDEX TREE
, you can use the Search Text feature then type RES
to filter the resident State K-1, NRE
to filter all the Non-Resident State K-1 and NEW
to filter all the State K-1s that are new this yearRequirements
Requirements | Details |
|---|---|
Firm settings |
* Available for binders created after this feature is enabled. |
Binder Type |
|
Leadsheets |
|
Services |
|
Tax Software |
|
Submission Type |
|
Tax Year | All |
note
In SPbinder, you can select the 
to check which tax return options were applied to the binder when it was created.
Binder Information
icon to check which tax return options were applied to the binder when it was created. Related Content
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