Common Questions for 1065 Schedule B-1 in Lacerte

Below are common questions we receive for the 1065 Schedule B-1.

Remove partner from printing on Schedule B-1

When a partner is required to be entered in more than once, the Schedule B-1 may report duplicate information. A common scenario is when a partner is a Disregarded Entity and also reported as an Individual on Screen 5, Other Information (Schedule B)

To suppress the partner from flowing to the Schedule B-1 automatically:

1. Open the return to Screen 32.1, Partner Miscellaneous Info.
2. Select the applicable Partner
3. In the first section, locate the 1065 Schedule B, Line 3a, 3b subsection
4. Check the Omit from Schedule B box

Change partner percentage that appeared on Schedule B-1

To print a different percentage on Schedule B-1 for a partner:

1. Open the return to Screen 32.1, Partner Miscellaneous Info.
2. Select the applicable Partner
3. In the first section, locate the 1065 Schedule B, Line 3a, 3b subsection
4. Enter the desired amount in the Maximum percentage owned [O] field

Change the country that appears on Schedule B-1 for a partner

To change the country that appears on Schedule B-1 for a partner:

1. Open the return to Screen 32.1, Partner Miscellaneous Info.
2. Select the applicable Partner
3. In the first section, locate the 1065 Schedule B, Line 3a, 3b subsection
4. Select the desired country in the Country [O] dropdown field

Estate partner prints on Schedule B-1 Part I instead of Part II

Estates that own 50% or more of the partnership should be listed on Schedule B-1 Part II. Unfortunately, there's currently no option to select Estate as the entity type. Selecting Fiduciary causes the partner to print on Part I

Follow these steps to list the partner as an Estate in Part II:

1. Go to Screen 7, Partner Information
2.  Scroll down to the Miscellaneous Info section
3. Select Fiduciary for the Type of Entity
4. Go to Screen 32.1, Partner Miscellaneous Info.
5. In the first section, locate the 1065 Schedule B, Line 3a, 3b subsection
6. Check the box Estate, if Fiduciary.