Supplemental K-1 (Capturing K-1 supplemental information)

The Supplemental K-1 tax return options allow your firm to capture and export Schedule K-1 data from supplemental pages. Descriptions and amounts captured from the K-1 supplemental pages can be verified in Review Wizard. In SPbinder, you can use the
K-1 Reclass
feature to rectify any K-1 supplemental data that was incorrectly recognized during the OCR/verification process.
You can also minimize review time by allowing SurePrep to automatically reclassifying Schedule K-1 supplemental data. In SPbinder, reviewers can either confirm the recommendations or reclass the information.

Supplemental K-1

Follow these steps to capture and enable Schedule K-1 supplemental feature:
Select
FileRoom
>
Admin
>
TAX RETURN
.
Go to the
Supplement K-1
section.
Capture Supplemental K-1 and enable K-1 Reclass
To capture Schedule K-1 supplemental data (in Review Wizard) and allow
K-1 Reclass
in SPbinder, select
Capture data from Schedule K-1 supplemental pages and allow K-1 Reclass
.
K-1 Reclass auto-recommendation
SurePrep's can automatically recommend
K-1 Reclass
suggestions based on the extracted Schedule K-1 supplemental page data. To enable this feature, select
Allow SurePrep to recommend suggestions from the K-1 "Reclass to" column
.
Once enabled, SurePrep will auto-populate the
Reclass to
column in SPbinder based on proforma and expert system suggestions for all new binder submissions. You can manually reclass or reassign the recommendations if necessary.

Requirements

Requirement
Details
Firm Setting
* Available for binders created after this feature is enabled.
Binder Type
  • 1040
  • 1041
Leadsheets
  • Classic
  • Simplified
Services
  • Outsource (Onshore & Offshore)
  • 1040SCANverify (Onshore & Offshore)
  • 1040SCAN PRO+
  • 1040SCAN PRO
Tax Software
  • CCH Axcess Tax
  • * ProSystem fx Tax (Tax Year 2022 and earlier)
  • GoSystem Tax RS
  • UltraTax CS
  • Lacerte
Submission Type
  • FileRoom
  • API
  • TaxCaddy
  • GoFileRoom
Tax Year
  • All

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