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IRC Section 6221(b)(1)

Level 2

On Form 1065 question #25, when I answer Yes I want to add supplemental information on the K1 to notify partners of the election(like is done in Lacerte).  I will be adding this supplemental info to many tax returns. Is there a way to type this in once, save it and use it on multiple returns? Or better yet is the satement already available to use and I just don't know how to retrieve it?

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There isn't a way to generate something automatically but there is a way to add a note that would appear at the bottom of all the K-1's. Go to the 1065 page 4-5. On the Schedule K scroll down to line 20. Right below line 20 is a Other items to be reported on Schedule K-1 Smart Worksheet. Line ff lets you enter manual text that will show at the bottom of the K-1. You could enter something like "Partner elected out of 6221(b)" and that would show with the line 20 "other information" on each K-1.

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