Schedule K-1, item J entry
You can enter
Blank
, Formula
, Various
, or 0 percent
for Schedule K-1, item J. To display text on printed versions of Schedule K-1, enter text in the Description
field in the Partner Percentages section on the K1Misc
screen. Electronic filing specifications dictate that Schedule K-1, item J percentages must be expressed as a percentage and must be positive and fall between zero and 100 percent. The electronic file uses the calculated percentages. Refer to the Schedule K-1 Percentages Summary Worksheet to review the percentages that the electronic file will use.
note
- UltraTax CS doesn’t stop you from entering negative profit, loss, or capital percentages in theAllocationswindow in Partner Data Entry. However, an FYI diagnostic will show if any partner has a negative percent on Schedule K-1, item J.
- To access IRS frequently asked questions on the IRS website from a client's return, selectHelp,Tax Subject Index, then select theWeb Form Instructionsoption. Hover overIRS Tax Information for Partnerships, then selectGo To.
