Setting up a K-1 Data Export from One Return to Another Return

Before you can export K-1 data from one return to another return, you first must set up the export. See the sections below for instructions for setting up K-1 exports from different return types.

Note: You can specify that K-1 export files generate automatically when you calculate a return in the Miscellaneous section of the Tax user options.

ClosedSet up a K-1 export from a Partnership return.

If the Partnership is passing multiple activity information, use the Other > Export translation of activity numbers worksheet to maintain the multiple activity status in the export file. Enter the source return activity number, the partner/shareholder number, and the partner’s/shareholder’s target return activity number.

  1. If you are exporting to an Individual return, do the following. Otherwise, continue to step 2.
    1. Go to General > Return Options > Section 7 - Export Options.
    2. In Lines 1-3 - Export Options, enter applicable export information.
  2. Go to Partners > Partner Information.
  3. Click Detail, located in the upper left corner of the Partner Summary grid.
  4. Select Section 5 - Export Partner Information to 1040 / 1041 / 1065 / 1120 / 1120S, and enter the following:
    • In Line 1 - Export Option, select the appropriate option from the list.
    • In Line 2 - TSJ on 1040, enter the Taxpayer, Spouse, or Joint code on 1040 if applicable.
    • In Line 3 - Client ID of target return, double-click to select the client ID of the return you are exporting K-1 data to.
    • In Line 4 - Activity number on target return, enter the corresponding activity number of the passthrough on the return you are exporting to. This step is required if the target return will receive multiple K-1s from this return.
  5. To set the export options for partners:
    • To set the codes for all members, use General > Return Options > Export Options > Code to transfer partner information to 1040 return.
    • To set the codes on a member-by-member basis, use General > Return Options > Export Options.
    • To set the suppress option for members use Partners > Partner Information > Export Partner Information to 1040/1041/1065/1120/1120S > Export Option.
  6. Save and calculate the return.

ClosedSet up a K-1 export from an S Corporation return.

If the S Corporation is passing multiple activity information, use the Other > Export translation of activity numbers worksheet to maintain the multiple activity status in the export file. Enter the source return activity number, the partner/shareholder number, and the partner’s/shareholder’s target return activity number.

  1. If you are exporting to an Individual return, do the following. Otherwise, continue to step 2.
    1. Go to General > Return Options > Section 7 - Export Options.
    2. In Lines 1-3 - Export Options, enter applicable export information.
  2. Go to Shareholders > Shareholders Information.
  3. Click Detail, located in the upper left corner of the Shareholder Summary grid.
  4. Select Section 4 - K-1 Export Options, and enter the following:
    • In Line 1 - TSJ (Applies to exports to 1040 returns only), enter the Taxpayer, Spouse, or Joint code if applicable.
    • In Line 2 - Client ID, double-click to select the client ID of the return you are exporting K-1 data to.
    • In Line 3 - K-1 activity number, enter the corresponding activity number of the passthrough on the return you are exporting to. This step is required if the target return will receive multiple K-1s from this return.
    • In Line 4 - Export Option, select the appropriate option from the list.
  5. Do any of the following as needed: 
    • To set the export codes for all members, use General > Return Options > Export Options > Export shareholder information to 1040 return.
    • To set the codes on a member-by-member basis, use Shareholders > Shareholder Information > K-1 Export Options.
    • To set the suppress option for members use Shareholders > Shareholder Information > K-1 Export Options > Export Option.
  6. Save and calculate the return.

ClosedSet up a K-1 export for a Fiduciary return.

  1. Go to Beneficiaries > Beneficiary Information.
  2. Click Detail, located in the upper left corner of the Beneficiary Summary grid.
  3. Select Section 3 - Export Beneficiary Information to 1040 / 1041 / 1065 / 1120 / 1120S, and enter the following:
    • In Line 1 - Export Option, select the appropriate option from the list.
    • In Line 2 - TSJ on 1040, enter the Taxpayer, Spouse, or Joint code on 1040 if applicable.
    • In Line 3 - Entity Type, use the drop-down to select the appropriate option.
    • In Line 4 - Client ID of target return, double-click to select the client ID of the return you are exporting K-1 data to.
    • In Line 5 - Activity number on target return, enter the corresponding activity number of the passthrough on the return you are exporting to. This step is required if the target return will receive multiple K-1s from this return.
  4. To set the export option for beneficiaries, go to one of the following:
    • To set an option for all beneficiaries, go to Beneficiaries > All Beneficiary /Grantor Options > Export Options > Transfer Beneficiary information to individual passthrough items.
    • To set the codes on a per beneficiary basis, use General > Return Options > Export Options.
    • To set the suppress option for a single beneficiary use Beneficiaries > Beneficiary Information > Export Beneficiary Information to 1040/1041/1065/1120/1120S > Export Option.
  5. Save and calculate the return.

    6. Note: Grantor trusts cannot use this option.