MDCPA
Level 1
01-20-2023
01:11 PM
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Below are the instructions for ProSeries with regard to completing K-2 & K3.
- How do I generate the K2 / K3?
- Open the Schedule K-2 Page 1.
- Complete Questions A, B and C.
- Complete Parts I through XI as needed.
- For Partnerships: On the Schedule K-1 Worksheet check the boxes for each partner under Information for Schedule K-2/K-3 Reporting.
- 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?
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