K-1 Input Worksheet for Business Returns
ProSeries Professional
A new worksheet has been added to the 1065, 1120, 1120s and 1041 products to make data entry easier when a business entity owns an interest in another partnership.
You can enter information received on a K-1 from a partnership directly on the new "Partner's Share of Income, Credits, Deductions, etc." listed as "K-1 Partner" on the forms bar.
ProSeries automatically carries the entered amounts to the appropriate Partner's schedule K-1s to be entered in their individual 1040s.
If you are preparing both the partnership return as well as the partner's 1040 returns, use the K-1 import feature from within the client's 1040 return to automate your K-1 data entry.