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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.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1120 Corporation

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