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K-1 Reclass

Schedule K-1 index guide

Schedule K-1 documents are among the most common source documents sent by taxpayer clients to their tax professionals. Unlike a W-2, Schedule K-1s can vary in complexity from Federal K-1, State K-1, numerous supplementary page variations, K-3 - SurePrep provides you with various tools and solutions to help you process Schedule K-1s.

Getting started with Schedule K-1

Is this your firm's first time submitting Schedule K-1 to SurePrep? Let the
Set-up
 articles show you which K-1 documents are captured and guide you through the process of submitting K-1 documents.
Document Coverage
The following is a list of all the different document types that SurePrep captures.
View document coverage
Scanning Order
Understand where each document from the K-1 package should be placed in the PDF.
View best practices
K-1 Supplemental Pages
The following are template formats of Schedule K-1 supplemental pages are captured for you.
View supplemental pages
Covered QBI Variations
The following are template formats of Qualified Business Income (QBI) supplemental pages are captured for you.
QBI coverage
Improve K-1 matches from the same issuer
Multiple K-1s can have similar names. Making K-1 names unique helps match the amounts to the correct K-1.
Set unique identifiers

Essential

Learn the basics about how SurePrep can help you process Schedule K-1.
Match K-1's to Proforma
Match K-1s to their respective proforma in Review Wizard (New Form Review step).
Match K-1 to proforma
Getting Started with K-1 Reclass
The following is showing how seamlessly the K-1 Reclass works.
Intro to K-1 reclass
Using K-1 Reclass
Learn how to use K-1 Reclass to reassign the amounts to match their respective lines in the tax software. Example: Reclassifying K-1 data to the income and expense categories.
Use K-1 Reclass
Supplemental Pages Not Covered?
Learn how to capture and reclass K-1 Supplemental Pages that are not captured by SurePrep OCR.
Capture non-converted pages

Advanced

By now, you know the basics and you know what you are doing. But, now you have to step-up your game and stand out as an expert-level tax professional.
SALY (Same As Last Year)
Let SPbinder copy prior year K-1 amounts as current year using SALY.
Utilize K-1 Reconciliation Leadsheet
This is a very important Leadsheet when utilized.
Review K-1 leadsheet
State K-1 Leadsheet
The following are spreadsheets of resident and non-resident State K-1.
Review state K-1 leadsheet

Additional information

Some additional that may be helpful for some users.
Multiple-activities for a Schedule K-1
Handling Schedule K-1 with multiple activities (CCH Only).

This article applies to:

  • Product: SurePrep
  • Sub Product: SPbinder
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