Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Activities

Enter Schedule K-1 information from a 1041 return

Use the K1 1041 folder to enter information from a 1041 return. The screens have fields labeled with the following corresponding lines and codes from Schedule K-1: K1T, K1T-2.
If you don't see a field labeled with the line number you want to enter:
  • You don't need to report every Schedule K-1 amount on the individual return. If you don't need to report an amount, there won't be a field for it. Check the Schedule K-1 form instructions to find out if you need to report it and where.
  • If the K-1 came from another UltraTax CS client, use data sharing to send the information from the business or trust return to the individual return. Necessary amounts will transfer automatically to the correct place.
  • Use UltraTax CS Source Data Entry (SDE) to enter the information from the Schedule K-1 into a facsimile, then export it to the 1040 client. Amounts from the K-1 will automatically transfer to the correct field in the 1040.
  • If you need to report the amount to the IRS, and SDE or data sharing won't work for you, you'll need to work backwards from the form and line number you want the amount to appear on to find a field for it. Remember that there may not be a direct field for the amount.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close