Exception from filing Schedules K-2 and K-3
The Schedules K-2 and K-3 (Form 1120-S) instructions include an exception to filing Schedule K-2. One of the criteria for meeting this exception is that the S Corporation must notify the shareholder the Schedule K-3 will not be provided unless requested. This notification can be provided as an attachment to the Schedule K-1.
UltraTax/1120 prints the Schedule K, line 17d and Schedule K-1, line 17ZZ statements when you mark the
Print Schedule K and K-1 statements when exception to filing Schedule K-2 is met
field in Setup
,1120 Corporation
,Other Return Options
,Return Presentation
tab.Enter
1
in the Print Schedule K and K-1 statements when exception to filing Schedule K-2 is met
field in Screen K2 when the corresponding field in Setup
, 1120 Corporation
, Other Return Options
, Return Presentation
tab is blank, but you want the Schedule K and K-1 statements to print.Enter
2
in the Print Schedule K and K-1 statements when exception to filing Schedule K-2 is met
field in Screen K2 when the corresponding field in Setup
, 1120 Corporation
, Other Return Options
,Return Presentation
tab is blank, but you do not want the Schedule K and K-1 statements to print.
