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Schedule K-1 Transfer

Transfer Schedule K-1 information to the 1040 return

  1. In the 1040 return, go to
    Organizer
    ,
    Income
    ,
    Schedule K-1 Transfer
    , and then
    Transfer K-1 Information
    .
  2. If you're transferring from a source return for the first time and you wish to create a new K-1 activity(ies) because the source K-1's new to the taxpayer, skip to step #. The import will create new Schedule K-1 activity(ies) and tie it to the source document.
  3. If you used K-1 transfer last year to import from the source return, skip to the next step because the information that ties the K-1 activity to the source return was proforma'd from last year.
  4. If you're transferring a source return for the first time into an existing K-1 activity the source return needs to be tied to the K-1 activity as follows:
    1. On the
      Steps for K-1 Transfer
       screen, select the K-1 activity name under the Step 1 - Prepare an existing K-1 to import information into.
    2. Enter the entity type, account number, and locator number of the source return.
    3. Select a Schedule K-1 type based on the entity type of the source return. The types listed are based on the activity schedules the source return could produce.
  5. The source entity's property number's needed if you're transferring in detail and the Schedule K-1 type picked begins with an asterisk *.
  6. Select Transfer K-1 Info to identify the source returns and indicate if you want summary or detail transfers.
  7. Complete the K-1 information transfer.
  8. Select
    K-1 Import
     to activate the import process and transfer all activities. When the transfer's complete, the message
    Transfer Complete
     will appear.
  9. Select
    Transfer Status Summary
     to review the results of your transfer.

This article applies to:

  • Product: GoSystem Tax RS
  • Return type: 1040 Individual
  • Subject: schedule-k1-subject

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