MDCPA
Level 1

Below are the instructions for ProSeries with regard to completing K-2 & K3.

  • How do I generate the K2 / K3? 
    1. Open the Schedule K-2 Page 1.
    2. Complete Questions A, B and C.
    3. Complete Parts I through XI as needed.
    4. For Partnerships: On the Schedule K-1 Worksheet check the boxes for each partner under Information for Schedule K-2/K-3 Reporting.
    5. For S-Corporations: On the Schedule K-1 Worksheet check the box for each shareholder under Information for Sch K-2.

#3 - Complete Parts I through XI as needed is potentially a large amount of manual work even if there is no foreign activity.

Lacerte has instructions to check a box if there is no foreign activity and Lacerte will populate the U.S. activity automatically on K-2 and K-3.  Will ProSeries also do this, or do we manually have to enter the U.S. activity on all the pages?