Schedule K-1, item J entry

You can enter
Blank
,
Formula
,
Various
, or
0 percent
for Schedule K-1, item J. To display text on printed versions of Schedule K-1, enter text in the
Description
field in the Partner Percentages section on the
K1Misc
screen.
Electronic filing specifications dictate that Schedule K-1, item J percentages must be expressed as a percentage and must be positive and fall between zero and 100 percent. The electronic file uses the calculated percentages. Refer to the Schedule K-1 Percentages Summary Worksheet to review the percentages that the electronic file will use.
note
  • UltraTax CS doesn’t stop you from entering negative profit, loss, or capital percentages in the
    Allocations
    window in Partner Data Entry. However, an FYI diagnostic will show if any partner has a negative percent on Schedule K-1, item J.
  • To access IRS frequently asked questions on the IRS website from a client's return, select
    Help
    ,
    Tax Subject Index
    , then select the
    Web Form Instructions
    option. Hover over
    IRS Tax Information for Partnerships
    , then select
    Go To
    .

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